The beginning inventory and purchases of an item for the period were as follows:

Q: The beginning inventory and purchases of an item for the period were as follows:

Solution: Determining the Cost of the 15 Units in the Inventory by each of the following methods: a) First-In, First-Out: b) Last-In, First-Out: c) Average Cost: 10 units @ $90 $900 5 units @ $80 $400 Total $1,300

ID: 2547373 • Letter: T

Question

The company uses the periodic system, and there were 15 units in the inventory at the end of the period. Determine the cost of the 15 units in the inventory by each of the following methods, presenting details of your computations: (a) first-in, first-out; (b) last-in, first-out; (c) average cost. Round your final answer to two decimal places.

Beginning inventory 6 units at $70 each First purchase 10 units at $75 each Second purchase 18 units at $80 each Third purchase 10 units at $90 each

Explanation / Answer

Solution:

Determining the Cost of the 15 Units in the Inventory by each of the following methods:

a) First-In, First-Out:

b) Last-In, First-Out:

c) Average Cost:

10 units @ $90 $900 5 units @ $80 $400 Total $1,300

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The beginning inventory and purchases of an item for the period were as follows:

The beginning inventory at Dunne Co. and data on purchases and sales for a three

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The beginning inventory and purchases of an item for the period were as follows:

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