EX 7-12 Periodic inventory by three methods The units of an item available for sale during...
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EX 7-12 Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Feb. 17 July 21 Nov. 23 Inventory Purchase Purchase Purchase 1,000 units at $120 1,375 units at $128 1,500 units at $136 1,125 units at $140 OBJ. 2, 4 There are 1,200 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 weighted average cost method. EX 7-12 Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Feb. 17 July 21 Nov. 23 Inventory Purchase Purchase Purchase 1,000 units at $120 1,375 units at $128 1,500 units at $136 1,125 units at $140 OBJ. 2, 4 There are 1,200 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 weighted average cost method.
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FIFO FIFO Date Activity Jan 01 Feb 17 Purchase Jul21 Purchase Nov 23 b LIFO Beginning I... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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