Periodic Inventory by Three Methods The units of an item available for sale during the...
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Accounting
Periodic Inventory by Three Methods
The units of an item available for sale during the year were as follows:
Jan. 1
Inventory
1,080 units @ $124
Feb. 17
Purchase
1,440 units @ $125
July 21
Purchase
1,655 units @ $126
Nov. 23
Purchase
1,145 units @ $126
There are 1,220 units of the item in the physical inventory at December 31. The periodic inventory system is used.
a. Determine the inventory cost by the first-in, first-out method. $fill in the blank 1
b. Determine the inventory cost by the last-in, first-out method. $fill in the blank 2
c. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar. $fill in the blank 3
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