Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,500 units at $5 Feb. 17 Purchase 3,300 units at $6 July 21 Purchase 3,000 units at $7 Nov. 23 Purchase 1,200 units at $8

Financial Accounting
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Chapter7: Inventories
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Problem 3PEA: Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual...
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Periodic Inventory by Three Methods

The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 2,500 units at $5
Feb. 17 Purchase 3,300 units at $6
July 21 Purchase 3,000 units at $7
Nov. 23 Purchase 1,200 units at $8

There are 1,500 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.
$

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