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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,060 units @ $140 Feb. 17 Purchase 1,405
The units of an item available for sale during the year were as follows:
Jan. 1 | Inventory | 1,060 units @ $140 |
Feb. 17 | Purchase | 1,405 units @ $142 |
Jul. 21 | Purchase | 1,590 units @ $145 |
Nov. 23 | Purchase | 1,150 units @ $147 |
There are 1,225 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value.
a. Determine the inventory cost by the first-in, first-out method. $fill in the blank 1
b. Determine the inventory cost by the last-in, first-out method. $fill in the blank 2
c. Determine the inventory cost by the weighted average cost method. $fill in the blank 3
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