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.

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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

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 5PA

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