The units of an item available for sale during the year were as follows: There are 38
Question:
There are 38 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using
(a) The first-in, first-out (FIFO) method;
(b) The last-in, first-out (LIFO) method;
(c) The average costmethod.
Transcribed Image Text:
Jan. Inventory Apr. 20 Purchase Nov. 30 Purchase Available for sale 18 units at $300 5,400 12,650 9,000 $27,050 46 units at $275 36 units at $250
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Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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