The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,010 units @ $126 Feb. 17 Purchase 1,390 units @ $128 July 21 Purchase 1,665 units @ $129 Nov. 23 Purchase 1,150 units @ $131 There are 1,225 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. $4 c. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar.

The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,010 units @ $126 Feb. 17 Purchase 1,390 units @ $128 July 21 Purchase 1,665 units @ $129 Nov. 23 Purchase 1,150 units @ $131 There are 1,225 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. $4 c. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar.

Name: Periodic Inventory by Three MethodsThe units of an item available for
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Description: Periodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:Jan. 1 Inventory 1,010 units @ $126Feb. 17 Purchase1,390 units @ $128July 21Purchase1,665 units @ $129Nov. 23 Purchase1,150 units @ $131There

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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