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...

50.1K

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

Biology
1.2K views

Gregor Mendel described allelic relationships as either dominant or recessive, and assumed that alleles and genes...

Psychology
1.2K views

For this homework assignment, the task is to come up with a way to test the...

Physics
1.2K views

A physics book slides off a horizontal table top with a speed of 1.30 m/sm/s. It...

Biology
1.2K views

Seen below is a longitudinal section of a moss capsule containing spores What is the...

Geometry
1.2K views

Given AC bisects LCAB 60 Prove LDAB 120 L DAB A D C B

Basic Math
1.2K views

Solve the equation 2z 6 10z 2 for z

Calculus
1.2K views

Set a 0 and b 2 Find the area under fix by selecting the ff...

Algebra
1.2K views

Consider points A(1,4,7), B(2, -1,3), C(3, 5, 3), A'(2,3,5), B'(1, 1, ?1)and C'(1, -4,-2).Find a...

Accounting
1.2K views

Depreciation by Two Methods A Kubota tractor acquired on January 9 at a cost of...

Accounting
1.2K views

LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales...

Accounting
1.2K views

Lisa, a single taxpayer, owns 100% of Capsule Corporation, an S corporation. She has a...

Accounting
1.2K views

On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances:...