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Periodic Inventory by Three MethodsThe units of an item available for sale during the year were as follows:
Jan.1 Inventory 16 units at $44
Feb. 17 Purchase 5 units at $46
Jul.21 Purchase 7 units at $47
Nov. 23 Purchase 5 units at $47
There are 13 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.
Problem 1) Determine the inventory cost by the first-in, first-out method.
Problem 2) Determine the inventory cost by the last-in, first-out method.
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question part 1the tim cost recovery corporation tim purchased and placed in service the subsequent depreciable
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