# 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.\$

Question
Asked Dec 6, 2019
1 views

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.
\$

check_circle

Step 1

Determine units and cost of goods...

### Want to see the full answer?

See Solution

#### Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in