Reference no: EM132710842
Periodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:
Jan. 1 Inventory2,500 units at $5
Feb. 17 Purchase3,300 units at $6
July 21 Purchase3,000 units at $7
Nov. 23 Purchase1,200 units at $8
There are 1,500 units of the item in the physical inventory at December 31. The periodic inventory system is used.
Problem a. Determine the inventory cost by the first-in, first-out method.
Problem b. Determine the inventory cost by the last-in, first-out method.
Problem c. Determine the inventory cost by the weighted average cost method.