Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,075 units @ $130 Feb. 17 Purchase 1,425 units @ $131 Jul. 21 Purchase 1,570 units @ $133 Nov. 23 Purchase 1,125 units @ $134 There are 1,200 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. Determine the inventory cost by the first-in, first-outmethod. $ Determine the inventory cost by the last-in, first-outmethod. $ Determine the inventory cost by the weighted average cost method. $
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,075 units @ $130 Feb. 17 Purchase 1,425 units @ $131 Jul. 21 Purchase 1,570 units @ $133 Nov. 23 Purchase 1,125 units @ $134 There are 1,200 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. Determine the inventory cost by the first-in, first-outmethod. $ Determine the inventory cost by the last-in, first-outmethod. $ Determine the inventory cost by the weighted average cost method. $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 |
1,075 units @ $130 |
Feb. 17 |
Purchase |
1,425 units @ $131 |
Jul. 21 |
Purchase |
1,570 units @ $133 |
Nov. 23 |
Purchase |
1,125 units @ $134 |
There are 1,200 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.
- Determine the inventory cost by the first-in, first-outmethod.
$ - Determine the inventory cost by the last-in, first-outmethod.
$ - Determine the inventory cost by the weighted average cost method.
$
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