Solution-Determine the inventory cost by a the first-in

Determine the inventory cost by a the first-in first-out

Reference no: EM13575445

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

Jan. 1	Inventory	18 units at $1,440
Feb. 17	Purchase	36 units at $1,656
July 21	Purchase	42 units at $1,872
Nov. 23	Purchase	24 units at $1,980

There are 32 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the weighted average cost method.

Reference no: EM13575445

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Determine the inventory cost by a the first-in first-out

Reference no: EM13575445

Reference no: EM13575445

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