The units of an item available for sale during the year were as follows: Line Item Description Date Jan….

The units of an item available for sale during the year were as follows: Line Item Description Date Jan….

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The units of an item available for sale during the year were as follows:
Line Item Description
Date
Jan. 1
Feb. 17
Jul. 21
Nov. 23
Inventory
Purchase
Purchase
Purchase
Units and Cost
13 units at $46
9 units at $47
6 units at $48
20 units at $48
There are 13 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. Round average unit cost to
the two decimal places, and round your final answer to the nearest dollar.

Expert Answer:

Answer rating: 100% (QA)

To determine the inventory cost using different methods let s calculate the cost of units sold and t
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