Chapter 7 Homework Assignment (part 2)

Hide or show questions

Progress:3/4 items

eBook

Show Me How

Calculator

Print Item

Periodic Inventory by Three Methods

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

Jan. 1	Inventory	1,080 units @ $126
Feb. 17	Purchase	1,380 units @ $128
Jul. 21	Purchase	1,585 units @ $131
Nov. 23	Purchase	1,150 units @ $133

There are 1,225 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value.

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

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

c. Determine the inventory cost by the weighted average cost method. $

Check My Work

Previous

Next