Question: Please explain!! Inventory by Three Methods The units of an item available for sale during the year were as follows: an.1 Inventory 27 units at
Please explain!!

Inventory by Three Methods The units of an item available for sale during the year were as follows: an.1 Inventory 27 units at $400 per unit Feb. 19 Pchase 54 units at $460 per unit 60 units at $540 per unit Oct.7 Purchase 56 units at $550 per unit June 8 Purchase There are 46 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost under each of the following methods. 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 average cost method. Do not round intermediate calculation and round final answer to the nearest whole alue
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
