Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000 units at $120 Feb. 17 Purchase 1,375 units at $128 July 21 Purchase 1,500 units at $136 Nov. 23 Purchase 1,125 units at $140 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. $fill in the blank 1 b. Determine the inventory cost by the last-in, first-out method. $fill in the blank 2 c. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar. $fill in the blank 3
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,000 units at $120 Feb. 17 Purchase 1,375 units at $128 July 21 Purchase 1,500 units at $136 Nov. 23 Purchase 1,125 units at $140 There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. $fill in the blank 1 b. Determine the inventory cost by the last-in, first-out method. $fill in the blank 2 c. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar. $fill in the blank 3
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...
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Periodic Inventory by Three Methods
The units of an item available for sale during the year were as follows:
Jan. 1 | Inventory | 1,000 | units at $120 |
Feb. 17 | Purchase | 1,375 | units at $128 |
July 21 | Purchase | 1,500 | units at $136 |
Nov. 23 | Purchase | 1,125 | units at $140 |
There are 1,200 units of the item in the physical inventory at December 31. The periodic inventory system is used.
a. Determine the inventory cost by the first-in, first-out method.
$fill in the blank 1
b. Determine the inventory cost by the last-in, first-out method.
$fill in the blank 2
c. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar.
$fill in the blank 3
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