Periodic inventory by three methods

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Reference no: EM131202493

Periodic Inventory by Three Methods

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

Jan 1	Inventory 10 units	@$46
Feb 17	Purchase 11 units	@$47
Jul 21	purchase 6 units	@$49
nov 23	purchase 15 units	@$49

There are 8 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.

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: EM131202493

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