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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 27 units at $120 Feb 17 purchase 54
The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 27 units at $120
Feb 17 purchase 54 units at $138
July 21 purchase 63 units at $156
Nov 23 purchase 36 units at $165
there are 50 units of the item in the physical inventory at Dec 31. The periodic inventroy system is used. Determine the inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out, and (c) the average cost method.
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