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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units at $50 Feb. 17 Purchase
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units at $50 Feb. 17 Purchase 7 units at $52 Jul. 21 Purchase 18 units at $53 Nov. 23 Purchase 20 units at $55 There are 18 units of the item in the physical inventory at December 31. The periodic in answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. $ X b. Determine the inventory cost by the last-in, first-out method. X c. Determine the inventory cost by the weighted average cost method. $ 951 Feedback Check My Work a. Note that this exercise uses the periodic inventory system. FIFO means that the first units period are calculated by taking the number of items remaining in the physical inventory times the number in ending inventory, the balance of the ending inventory items must be recorded a calculated by subtracting the ending inventory from the total cost of goods available for sale. b. Note that this exercise uses the periodic inventory system. LIFO means the last units purch is made up of the earliest costs from the period (the beginning inventory). If the number of un ext oldest cost associated with the first purchase. The cost of q
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