Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,005 units @ $140 Feb. 17 Purchase 1,440 units @ $142 July 21 Purchase 1,530 units @ $145 Nov. 23 Purchase 1,125 units @ $145 There are 1,200 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. $ 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.

Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,005 units @ $140 Feb. 17 Purchase 1,440 units @ $142 July 21 Purchase 1,530 units @ $145 Nov. 23 Purchase 1,125 units @ $145 There are 1,200 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. $ 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.

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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 Inventory1,005 units @ $140Feb. 17 Purchase1,440 units @ $142July 21 Purchase1,530 units @ $145Nov. 23 Purchase1,125 units @ $145There

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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