The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $40 Feb. 17 Purchase 9 units at $42 Jul. 21 Purchase 20 units at $44 Nov. 23 Purchase 9 units at $46 There are 5 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. $fill in the blank 1 b. Determine the inventory cost by the last-in, first-out method. $fill in the blank 2 c. Determine the inventory cost by the weighted average cost method. $fill in the blank 3
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $40 Feb. 17 Purchase 9 units at $42 Jul. 21 Purchase 20 units at $44 Nov. 23 Purchase 9 units at $46 There are 5 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. $fill in the blank 1 b. Determine the inventory cost by the last-in, first-out method. $fill in the blank 2 c. Determine the inventory cost by the weighted average cost method. $fill in the blank 3
Chapter10: Inventory
Section: Chapter Questions
Problem 6EB: Bleistine Company had the following transactions for the month. Calculate the gross margin for the...
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The units of an item available for sale during the year were as follows:
| Jan. 1 | Inventory | 5 units at $40 |
| Feb. 17 | Purchase | 9 units at $42 |
| Jul. 21 | Purchase | 20 units at $44 |
| Nov. 23 | Purchase | 9 units at $46 |
There are 5 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.
a. Determine the inventory cost by the first-in, first-out method.
$fill in the blank 1
b. Determine the inventory cost by the last-in, first-out method.
$fill in the blank 2
c. Determine the inventory cost by the weighted average cost method.
$fill in the blank 3
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