Question

The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 9 units at $360
Feb. 17 Purchase 18 units at $414
July 21 Purchase 21 units at $468
Nov. 23 Purchase 12 units at $495
There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by
(a) The first-in, first-out method,
(b) The last-in, first-out method, and
(c) The average cost method.



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  • CreatedMay 07, 2012
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