Question: PLEASE EXPLAIN THE STEPS: QUESTION #1 QUESTION #2 Periodic Inventory by Three Methods The units of an item available for sale during the year were

PLEASE EXPLAIN THE STEPS:

QUESTION #1

QUESTION #2

Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: There are 4 units of the item in the physical inventory at December 31 . The periodic inventory system is used. 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. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: There are 80 units of the item in the physical inventory at December 31 . The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar

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