FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Periodic Inventory by Three Methods
The units of an item available for sale during the year were as follows:
Jan. 1 | Inventory | 1,050 units @ $138 |
Feb. 17 | Purchase | 1,445 units @ $139 |
Jul. 21 | Purchase | 1,615 units @ $141 |
Nov. 23 | Purchase | 1,150 units @ $141 |
There are 1,225 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.
$fill in the blank 1
b. Determine the inventory cost by the last-in, first-out method.
$fill in the blank 2
c. Determine the inventory cost by the weighted average cost method.
$fill in the blank 3
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