ManCo Stereo uses the periodic inventory system. Following are the data for its inventories on January 1, the beginning of the fiscal year; purchases during the year; and the inventory count at December 31.

Required
1. Determine the cost of the inventory on December 31 by the weighted- average- cost method. (Round to two decimal places.)
2. Determine the cost of the inventory on December 31 by the first- in, first- out method.
3. Determine the cost of the inventory on December 31 by the last- in, first- outmethod.

Transcribed Image Text:

Model CP925 JG491 8M21 Inventory Jan. 1 First purchase Second purchase Third purchase Fourth purchase Inventory. Dec. 31 5 @$527 8 @$456 0$465 9 $425 8 @ $488 9 5 $589 8 $780 7 @ $831 6 $633 18 $327 22 @ $363 34 $380 15 $358 21