The units of an item available for sale during the year were as follows: There are 37

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The units of an item available for sale during the year were as follows:

There are 37 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods, presenting your answers in the followingform:

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Survey of Accounting

ISBN: 978-1133189121

6th edition

Authors: Carl S Warren

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Question Posted: Feb 04, 2014 07:26 AM

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The units of an item available for sale during the year were as follows: There are 37

Question:

Jan. 1 April 10 Sept. 30 Dec. 12 Inventory Purchase Purchase Purchase 42 units at $180 58 units at $195 20 units at $204 30 units at $210 Cost Merchandise Inventory Merchandise Sold Inventory Method a. First-in, first-out b. Last-in, first-out C. Average cost

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