Calculus, $($Accounting$)$

Periodic inventory by three methods

The units of an item available for sale during the year were as follows:

Jan. $1$ Inventory $2,500$ units at $\backslash$$$6$

Feb. $17$ Purchase $2,800$ units at $\backslash$$$7$

Jul. $21$ Purchase $2,900$ units at $\backslash$$$8$

Nov. $23$ Purchase $1,800$ units at $\backslash$$$9$

There are $2,100$ units of the item in the physical inventory at December $31.$ The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

Open spreadsheet

a$.$ Determine the inventory cost by the first$-$in$,$ first$-$out method.

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Chapter $6$ Homework assignment take frame

b$.$ Determine the inventory cost by the last$-$in$,$ first$-$out method.

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c$.$ Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar.

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