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Determine inventory cost by the first-in, first-out method

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Reference no: EM133107868

Question - Periodic Inventory by Three Methods - The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 10 units at $26

Feb.17 Purchase 7 units at $28

Jul. 21 Purchase 19 units at $29

Nov. 23 Purchase 13 units at $31

There are 10 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Required -

a. Determine the inventory cost by the first-in, first-out method.

b. Determine the inventory cost by the last-in, first-out method.

c. Determine the inventory cost by the weighted average cost method.

Reference no: EM133107868

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