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Determine the inventory cost

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Reference no: EM132681334

Problem - Periodic inventory by three methods

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

Jan. 1 Inventory 9 units at $360

Feb. 17 Purchase 18 units at $414

July 21 Purchase 21 units at $468

Nov. 23 Purchase 12 units at $495

There are 16 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,

(c) the average cost method.

 

Reference no: EM132681334

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