Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. periodic inventory by three methods the units of a

Periodic Inventory by Three Methods The units of an item available for sale during the...

80.2K

Verified Solution

Question

Accounting

Periodic Inventory by Three Methods

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

Jan. 1 Inventory 19 units at $29
Feb. 17 Purchase 9 units at $30
Jul. 21 Purchase 17 units at $31
Nov. 23 Purchase 10 units at $33

There are 11 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.

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

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

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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Solve using the quadratic formula.-5y - 6y = 0Write your answers as integers, proper or...

Geometry
Q

1.    Describe the exocrine function of the pancreas. How is it related to digestion of the energy-yielding nutrients? 2....

Biology
Q

Make a chart of ten known STD’s and separate them based on whether they are parasitic,...

Medical Sciences
Q

A bicycle manufacturer currently produces 274 000 units a year and expects output levels to remain...

Finance
Q

\"It has been contended that all contracts must be agreements but not all agreements need to...

Psychology
Q

In 1956, Frank Lloyd Wright proposed the construction of a mile-high building in Chicago. Suppose the...

Physics
Q

Show that h(n) is a Lowpass filter, given that g(n) = (-1)nh(n) is a Highpass filter

Electrical Engineering
Q

Find a function that models the simple harmonic motion having the given properties Assume that...

Basic Math
Q

The one-time fling! Have you ever purchased an article of clothing (dress, sports jacket, etc.),...

Statistics
Q

Tata Wilmington Company has two manufacturing departments Assembly...

Accounting
Q

Flagstaff Company has budgeted production units of 9,000 for July and 9,200 for August. The...

Accounting
Q

at december 31, 2017, albrecht corporation had outstanding 373,000 shares of common stock and 8000...

Accounting