The units of an item available for sale during the year were as follows: There are 50
Question:
The units of an item available for sale during the year were as follows:
There are 50 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 average cost method.
Transcribed Image Text:
Jan. 1.. 27 units at $120 Inventory.. Feb. 17.. 54 units at $138 63 units at $156 Purchase... July 21.... Nov. 23.. Purchase.. 36 units at $165 Purchase...
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a 8124 36 units at 165 plus 14 units at 156 5940 2184 b 6414 27 ...View the full answer
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