Periodic Inventory by Three Methods The units of an item available for sale duri
ID: 2487822 • Letter: P
Question
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to one decimal and final answers to the nearest whole dollar, if required. Determine the inventory cost by the first-in, first-out method. Determine the inventory cost by the last-in, first-out method. Determine the inventory cost by the weighted average cost method.Explanation / Answer
Answer a 35.75
Date
Particluars
Units
Rate
Total
July.21
Purchase
4
35
140
Nov.23
Purchase
12
36
432
16
35.75
572
Answer b 30
Date
Particluars
Units
Rate
Total
Jan.01
Inventory
16
30
480
Answer C 32.81
Date
Particluars
Units
Rate
Total
Jan.01
Inventory
19
30
570
Feb.17
Purchase
11
32
352
July.21
Purchase
11
35
385
Nov.23
Purchase
12
36
432
53
32.81
1739
Date
Particluars
Units
Rate
Total
July.21
Purchase
4
35
140
Nov.23
Purchase
12
36
432
16
35.75
572
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