=+There are 140 units ofthe item in the physical inventory at December 31. The periodic inven tory
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=+There are 140 units ofthe item in the physical inventory at December 31. The periodic inven¬
tory system is used. Determine the inventory cost and the cost ofmerchandise sold by three methods, presenting your answers in the following form:
E6-16 Comparing inventory methods Obj 7 Cost Inventory Method Merchandise Inventory Merchandise Sold
a. First-in, first-out
b. Last-in, first-out
c. Average cost
$ $
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