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

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Reference no: EM133379018

Question: The units of an item available for sale during the year were as follows:

January 11	Inventory	60 units @ $145
February 27	Purchase	90 units @ $150
November 21	Purchase	75 units @ $154

There are 48 units of the item in the physical inventory at December 31. The periodic inventory system is used.

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 average cost method.

Reference no: EM133379018

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