Question

eBook 3 Show Me How Calculator Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Feb. 17 Purchase Jul. 21 Purchase Nov. 23 Purchase 17 units at $39 5 units at $41 10 units at $43 6 units at $43 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round ave cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. $ 473 → b. Determine the inventory cost by the last-in, first-out method. 909 X c. Determine the inventory cost by the weighted average cost method. $ 21.5 X Feedback Check My Work a. Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are assume Therefore, ending inventory costs for the period are calculated by taking the number of items remaining in the physi most recent purchase price. If the number of items in last purchase layer is less than the number in ending inventor

Answer 1

1 b. $ 429

11 units @ 39 = $ 39 * 11

1 c. $ 450.45

11 units @ $ 40.95 = $ 450.45

Units	Rate	Amount
17	$     39.00	$     663.00
5	$     41.00	$     205.00
10	$     43.00	$     430.00
6	$     43.00	$     258.00
38	$     40.95	$ 1,556.00