Solution-Inventory cost by the first-in and first-out method

Inventory cost by the first-in and first-out method

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Reference no: EM13530921

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

Jan. 1 Feb. 26	Inventory Purchase	18 units at $40 36 units at $46
June 18	Purchase	42 units at $52
Dec. 29	Purchase	24 units at $55

There are 33 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, and (c) the average cost method.

Reference no: EM13530921

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Inventory cost by the first-in and first-out method

Reference no: EM13530921

Reference no: EM13530921

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