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

Inventory by Three Methods
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 ending inventory using (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method.
Inventory Cost
a. First-in, first-out method
$
b. Last-in, first-out method
$
c. Average cost method
$

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Expert Solution

ekkarill92 answered 1 year ago
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