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Determine the inventory cost by first-in, first-out method

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Reference no: EM133014652

Question - Periodic Inventory by Three Methods - The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 4 units at $50

Feb. 17 Purchase 14 units at $51

Jul. 21 Purchase 9 units at $54

Nov. 23 Purchase19 units at $55

There are 23 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to one decimal and final answers to the nearest whole dollar, if required.

Required -

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.

Reference no: EM133014652

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