The Units of an Item Available for Sale During the Year

question 4

Essay

The units of an item available for sale during the year were as follows:? $$\begin{array} { | l l | l | l | } \hline \text { January } & 10 & \text { Inventory } & 27 \text { units } @ \$ 90 \\\hline \text { February } & 27 & \text { Purchase } & 54 \text { units } @ \$ 98 \\\hline \text { July } & 11 & \text { Purchase } & 63 \text { units } @ \$ 106 \\\hline \text { November } & 13 & \text { Purchase } & 36 \text { units } @ \$ 115 \\\hline\end{array}$$ There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost by
(a) the first-in, first-out method,
(b) the last-in, first-out method, and
(c) the average cost method. Show your work.

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Definitions:

Gustatory Hallucination

A rare type of hallucination that involves tasting something that isn't present, often linked with certain neurological conditions.

Somatic

Pertaining to the body, especially as distinct from the mind or psychological factors.

Auditory

Refers to anything related to the sense of hearing or sound perception.

Olfactory Hallucinations

Sensory hallucinations involving the perception of smells that are not present in the environment.