Periodic inventory by three methods The units of an item available for sale during the year...

 

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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 $6 Feb. 17 Purchase 2,800 units at $8 Jul. 21 Purchase 3,200 units at $10 Nov. 23 Purchase 1,500 units at $12 There are 1,800 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. X Open spreadsheet a. Determine the inventory cost by the first-in, first-out method. $ 21,000 ✓ b. Determine the inventory cost by the last-in, first-out method. $ 9,400 X c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar. $ 15,732 ✔ 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 $6 Feb. 17 Purchase 2,800 units at $8 Jul. 21 Purchase 3,200 units at $10 Nov. 23 Purchase 1,500 units at $12 There are 1,800 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. X Open spreadsheet a. Determine the inventory cost by the first-in, first-out method. $ 21,000 ✓ b. Determine the inventory cost by the last-in, first-out method. $ 9,400 X c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar. $ 15,732 ✔

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Lets calculate the inventory cost by the firstin firstout FIFO lastin firstout LIFO and weighted ave... View the full answer