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

Periodic inventory by three methods The units of an item available for sale during...

60.1K

Verified Solution

Question

Accounting

Periodic inventory by three methods
The units of an item available for sale during the year were as follows:
Date Line Item Description Value
Jan. 1 Inventory 2,300 units at $6
Feb. 17 Purchase 2,900 units at $7
Jul. 21 Purchase 3,100 units at $8
Nov. 23 Purchase 1,700 units at $9
There are 2,000 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Open spreadsheet
a. Determine the inventory cost by the first-in, first-out method.
fill in the blank 1 of 1$
b. Determine the inventory cost by the last-in, first-out method.
fill in the blank 1 of 1$
c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar.
fill in the blank 1 of 1$

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

Geometry
1.2K views

Starting with the graph of f(x) = 3?, write the equation of the graph that...

Basic Math
1.2K views

O TRIGONOMETRIC IDENTITIES AND EQUATIONS Verifying a trigonometric identity Problem typ Complete the proof of...

Biology
1.2K views

Listen The club fungi are members of Ascomycota Basidiomycota imperfect fungi Chytridiomycota Zygomycota

Geometry
1.2K views

Question 10 Points 3 Which of the following best describes the translation rule and the...

Basic Math
1.2K views

10 Find the possible value or values of z in the quadratic equation z 4z...

Statistics
1.2K views

Match the name of the sampling method descriptions given de dividing the population by Gender...

Accounting
1.2K views

! Required information [The following information applies to the questions...

Accounting
1.2K views

which report contains paid employee wages and salaries for a period? Multiple Choice...

Accounting
1.2K views

Bad Brad's BBQ had cash flows for the year as follows (\$ in millions): Bad...

Accounting
1.2K views

On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions...

Accounting
1.2K views

2.24 (LO 1, 3) Excel Cost behavior identification; contribution format income statement Mighty Bright Window...

Finance
1.2K views

Diversification Now let's consider the portfolio, P, of which 75% invested in B and the...