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The units of an item available for sale during the year were as follows:
Jan. 1 Inventory18 units at $30
Feb. 17 Purchase6 units at $32
Jul. 21 Purchase13 units at $35
Nov. 23 Purchase7 units at $37
There are 9 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.
Question a. Determine the inventory cost by the first-in, first-out method.
Question b. Determine the inventory cost by the last-in, first-out method.
Question c. Determine the inventory cost by the weighted average cost method.
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