Reference no: EM132592100

Periodic Inventory by Three Methods

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

Jan. 1           Inventory          1,075 units @ $130

Feb. 17         Purchase           1,425 units @ $131

Jul. 21         Purchase             1,570 units @ $133

Nov. 23            Purchase           1,125 units @ $134

There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value.

Question a. Determine the inventory cost by the first-in, first-out method.

Question b. Determine the inventory cost by the last-in, first-out method.

Question c. Determine the inventory cost by the weighted average cost method.