The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,095 units @ $140 Feb. 17 Purchase 1,385 units @ $141 Jul. 21 Purchase 1,680 units @ $143 Nov. 23 Purchase 1,125 units @ $145 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. 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.
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,095 units @ $140 Feb. 17 Purchase 1,385 units @ $141 Jul. 21 Purchase 1,680 units @ $143 Nov. 23 Purchase 1,125 units @ $145 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. 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.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...
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