Inventory by Three Methods
The units of an item available for sale during the year were asfollows:
| Jan.1 | Inventory | 17 units @ $38 per unit |
| Feb. 17 | Purchase | 4 units @ $40 per unit |
| Jul. 21 | Purchase | 11 units @ $42 per unit |
| Nov. 23 | Purchase | 12 units @ $44 per unit |
There are 22 units of the item in the physical inventory atDecember 31. The periodic inventory system is used.
Determine the inventory cost under each of the followingmethods.
a. Determine the inventory cost by thefirst-in, first-out method.
$
b. Determine the inventory cost by the last-in,first-out method.
$
c. Determine the inventory cost by the averagecost method. When computing your answer, round the average cost perunit to the nearest whole dollar.
$
