The units of an item available for sale during the year were as follows: Jan. 1 ............

Question:

The units of an item available for sale during the year were as follows:
Jan. 1 ............ Inventory .............. 27 units at $400
Feb. 19 ............ Purchase .............. 54 units at $460
June 8 .............. Purchase .............. 63 units at $520
Oct. 7 .............. Purchase .............. 56 units at $550
There are 45 units of the item in the physical inventory at December 31. Determine the cost of using
(a) The first-in, first-out method,
(b) The last-in, first-out method, and
(c) The weighted average cost method.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...