The units of an item available for sale during the year were as follows: There are 11
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The units of an item available for sale during the year were as follows:
There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) The first-in, first-out (FIFO) method;(b) The last-in, first-out (LIFO) method; and (c) The average costmethod.
Transcribed Image Text:
12 unts at $45 18 unks at 550 15 unts at 554 45 unts Inventory Purchase Purchase Available for sale $ 540 Jan. July 900 810 Nov. 23 $2,250
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Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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