The units of an item available for sale during the year were as follows: There are 75
Question:
The units of an item available for sale during the year were as follows:
There are 75 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the
(a) First-in, first-out (FIFO) method;(b) Last-in, first-out (LIFO) method; and
(c) Weighted average cost method.
Transcribed Image Text:
Jan. 1 $ 6,600 Inventory Purchase 40 units at $165 Aug. 13 Nov. 30 Available for sale 200 units at $180 36,000 Purchase 60 units at $200 300 units 12,000 $54,600
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a Firstin firstout FIFO method 14700 60 units ...View the full answer
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Related Book For
Corporate Financial Accounting
ISBN: 9781337398169
15th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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