Solution-Determine the inventory cost

Determine the inventory cost

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Reference no: EM133104765

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

Jan. 1	Inventory	18	units at $35	$630
Aug. 13	Purchase	13	units at $36	468
Nov. 30	Purchase	20	units at $38	760
Available for sale		51	units	$1,858

There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).

Reference no: EM133104765

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Determine the inventory cost

Reference no: EM133104765

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