Posted: March 7th, 2014
Periodic Inventories by three methods
Periodic Inventory by Three MethodsThe 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.
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a. Determine the inventory cost by the first-in, first-out method.
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b. Determine the inventory cost by the last-in, first-out method.
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c. Determine the inventory cost by the average cost method.
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