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

Periodic Inventory by Three Methods The units of an item available for sale during the...

90.2K

Verified Solution

Question

Accounting

Periodic Inventory by Three Methods

The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 19 units at $29
Feb. 17 Purchase 9 units at $30
Jul. 21 Purchase 17 units at $31
Nov. 23 Purchase 10 units at $33

There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.

a. Determine the inventory cost by the first-in, first-out method. $

b. Determine the inventory cost by the last-in, first-out method. $

c. Determine the inventory cost by the weighted average cost method. $

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

Finance
1.2K views

Pro-Sports, a sports equipment manufacturer, has a machine currently in use that was originally purchased two...

Chemistry
1.2K views

a) Which electrons experience a greater Zeff (effective nuclear charge): the valence electrons in Be or...

Basic Math
1.2K views

Given a normal distribution with mean population of 51 and standard devitation of 8?, and given...

Basic Math
1.2K views

Select the correct answer Each statement describes a transformation of the graph of f x...

Basic Math
1.2K views

Find an approximation for the area under the curve of f(t) = -2 + 4t...

Calculus
1.2K views

2 ex 4r 2r 2 r V Part 3 of 3 From the previous step...

Accounting
1.2K views

Suppose the income statement for Goggle Company reports $70 of net income, after...

Accounting
1.2K views

Use the information in the adjusted trial balance presented below to calculate current assets for...

Accounting
1.2K views

Problem 55: Determine whether the following transactions qualify as Type C reorganizations: a) The acquisition...

Accounting
1.2K views

Investing and Financing Cash Flows During the year, Paton Corporations LongTerm Investments...

Accounting
1.2K views

Which of the following is true? i. Paying out a dividend of $1000 would result...

Accounting
1.2K views

The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account...