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Determine the inventory cost by the first-out method

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Reference no: EM131718022

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

Jan 1.    inventory     200 units at $60

Feb 17.  purchase     275 units at $64

July 21  purchase      300 units at $68

Nov 23   purchase     225 units at $70

There are 220 units of the item in the physical inventory at Dec. 31 The periodic inventory system is used.

Determine the inventory cost by (a) the first-out method, (b) the last-in method, and (c) the weighted average cost method.

Reference no: EM131718022

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