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 $120 Feb. 17 Purchase 1,375 units at $128 July 21 Purchase 1,500 units at $136 Nov. 23 Purchase 1,125 units at $140 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. $ 167,700 b. Determine the inventory cost by the last-in, first-out method. $ 145,600 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. $ 657,500 X Accounting numeric field Feedback Check My Work (Previous Next Check My Work 1:17 AN

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 $120 Feb. 17 Purchase 1,375 units at $128 July 21 Purchase 1,500 units at $136 Nov. 23 Purchase 1,125 units at $140 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. $ 167,700 b. Determine the inventory cost by the last-in, first-out method. $ 145,600 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. $ 657,500 X Accounting numeric field Feedback Check My Work (Previous Next Check My Work 1:17 AN

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Description: eBookShow Me HowPeriodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:Jan. 1Inventory1,000 units at $120Feb. 17Purchase1,375 units at $128July 21Purchase1,500 units at $136Nov. 23Purchase1,125 uni

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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