Periodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory1,000units at $15Feb. 17Purchase1,375units at $16July 21Purchase1,500units at $17Nov. 23Purchase1,125units at $18There are 1,100 units of the item in the physical inventory at December 31. The periodic inventory system is used.a. Determine the inventory cost by the first-in, first-out method.$ b. Determine the inventory cost by the last-in, first-out method.$ c. Determine the inventory cost by the weighted average cost method.$

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Asked Dec 6, 2019
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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
1,000
units at $15
Feb. 17
Purchase
1,375
units at $16
July 21
Purchase
1,500
units at $17
Nov. 23
Purchase
1,125
units at $18
There are 1,100 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.
$

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Determine units and cost of goods...

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Cost per unit S 15 S 16 $ 17 S 18 Total cost Date Units Jan. 1 (Beg. Inventory) Feb. 17 July. 21 Nov. 23 Goods available for sale $ 15,000 $ 22,000 $ 25,500 S 20,250 $ 82,750 1,000 1,375 1,500 1,125 5,000

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