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Question - Periodic Inventory by Three Methods - The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 9 units @ $44
Feb. 17 Purchase 19 units @ $45
July 21 Purchase 9 units @ $46
Nov. 23 Purchase 18 units @ $46
There are 9 units of the item in the physical inventory at December 31. The periodic inventory system is used.
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.
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