# The units of an item available for sale during the year were as follows:Jan. 1                               Inventory                           1,000 units at \$120Feb. 17                            Purchase                            1,375 units at \$128July 21                            Purchase                             1,500 units at \$136Nov. 23                          Purchase                              1,125 units at \$140There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method; (b) the last-in, first-out method; and (c) the weighted average cost method.

Question
Asked Dec 14, 2019
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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. Determine the inventory cost by (a) the first-in, first-out method; (b) the last-in, first-out method; and (c) the weighted average cost method.

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Step 1

a.

Step 2

b.

Step 3

c.

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