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Periodic Inventory by Three Methods The units of an item available for sale during the year...

Periodic Inventory by Three Methods

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

Jan. 1   Inventory 1,060 units @ $134
Feb. 17   Purchase 1,375 units @ $135
Jul. 21   Purchase 1,580 units @ $136
Nov. 23   Purchase 1,140 units @ $137

There are 1,215 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.
$

b. Determine the inventory cost by the last-in, first-out method.
$

c. Determine the inventory cost by the weighted average cost method.
$

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Expert Solution

ekkarill92 answered 2 years ago
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