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

  1. Periodic Inventory by Three Methods

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

    Jan. 1   Inventory 1,080 units @ $122
    Feb. 17   Purchase 1,390 units @ $124
    Jul. 21   Purchase 1,625 units @ $125
    Nov. 23   Purchase 1,135 units @ $126

    There are 1,210 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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