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

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Reference no: EM132672317

Periodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:

Jan. 1 Inventory2,500units at $5

Feb. 17 Purchase3,300units at $6

July 21 Purchase3,000units at $7

Nov. 23 Purchase1,200units at $8

There are 1,500 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Problem a. Determine the inventory cost by the first-in, first-out method.

Problem b. Determine the inventory cost by the last-in, first-out method.

Problem c. Determine the inventory cost by the weighted average cost method.

Reference no: EM132672317

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