The units of an item available for sale during the year were as follows: Date Line Item
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Question:
The units of an item available for sale during the year were as follows:
Date Line Item Description Value
Jan. 1 Inventory 2,300 units at $5
Feb. 17 Purchase 3,200 units at $6
Jul. 21 Purchase 3,300 units at $7
Nov. 23 Purchase 1,200 units at $8
There are 1,700 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.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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