there are 16 units of the item in the physical inventory at december 31 the periodic 549612
EX 7-8 Periodic inventory by three methods
The units of an item available for sale during the year were as follows:
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there are 16 units of the item in the physical inventory at december 31 the periodic 549612
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|
Jan. |
1 |
Inventory |
9 units at $360 |
|
Feb. |
17 |
Purchase |
18 units at $414 |
|
July |
21 |
Purchase |
21 units at $468 |
|
Nov. |
23 |
Purchase |
12 units at $495 |
There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method.
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