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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. $

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. $

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 1PB: FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a...
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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.

  1.  Determine the inventory cost by the first-in, first-outmethod.
    $
  2.  Determine the inventory cost by the last-in, first-outmethod.
    $
  3.  Determine the inventory cost by the weighted average cost method.
    $
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