The units of an item available for sale during the year were as follows. ...
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Accounting
The units of an item available for sale during the year were as follows.
Jan. 1 Inventory 54 units at $1,200
Mar. 6 Purchase 108 units at $1,380
July 14 Purchase 126 units at $1,560
Nov. 2 Purchase 112 units at $1,650
There are 90 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.
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