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Determine the inventory cost

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

Jan. 1 Inventory 27 units at $120

Feb. 17 Purchase 54 units at $138

July 21 Purchase 63 units at $156

Nov. 23 Purchase 36 units at $165

There are 50 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 average cost method.

Reference no: EM131776713

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