Determine the inventory cost by a the first-in first-out

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

Jan. 1

Inventory

18 units at $1,440

Feb. 17

Purchase

36 units at $1,656

July 21

Purchase

42 units at $1,872

Nov. 23

Purchase

24 units at $1,980

There are 32 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.

Reference no: EM13575445

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