The units of an item available for sale during the year were as follows: Jan. 1 Inventory
Question:
Jan. 1 Inventory 9 units at $360
Feb. 17 Purchase 18 units at $414
July 21 Purchase 21 units at $468
Nov. 23 Purchase 12 units at $495
There are 16 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.
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a 7812 12 units at 495 plus 4 units at 468 5940 1872 b 6138 9 units ...View the full answer
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