Periodic inventory by three methodsThe units of an item available for sale during the year were as follows:Jan.1Inventory2,700 units at $7Feb.17Purchase2,800 units at $8Jul.21Purchase3,400 units at $9Nov.23Purchase1,100 units at $10There are 1,300 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collectedin the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.Open spreadsheeta. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest dollar.st dollar.b. Determine the inventory cost by the last-in, first-out method. Round your answer to the neC. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest 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.1Inventory2,700 units at $7Feb.17Purchase2,800 units at $8Jul.21Purchase3,400 units at $9Nov.23Purchase1,100 units at $10There are 1,300 u

The first in first out method is means when a company issue the inventory which is purchased first.…

Business

Accounting

a. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest dollar. 24 b. Determine the inventory cost by the last-in, first-out method. Round your answer to the nearest dollar. c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar.

a. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest dollar. 24 b. Determine the inventory cost by the last-in, first-out method. Round your answer to the nearest dollar. c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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