The units of an item available for sale during the year were as follows: There are 33
Question:
There are 33 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,
(c) The average costmethod.
Transcribed Image Text:
Jan. 1 Feb. 26 une 18 Dec. 29 Inventory Purchase Purchase Purchase 18 units at $40 36 units at $46 42 units at $52 24 units at $55
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a 1788 24 units at 55 plus 9 units at 52 1320 468 b 1410 18 units ...View the full answer
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Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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