The Units of an Item Available for Sale During the Year

question 191

Essay

The units of an item available for sale during the year were as follows:? $$\begin{array} { | l | l | l | } \hline \text { January } 11 & \text { Inventory } & 60 \text { units } @ \$ 145 \\\hline \text { February } 27 & \text { Purchase } & 90 \text { units } @ \$ 150 \\\hline \text { November } 21 & \text { Furchase } & 75 \text { units } @ \$ 154 \\\hline\end{array}$$ There are 48 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. Show your work.

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Definitions:

Register

A memory word or area for the temporary storage of data used within mathematical, logical, or transfer functions.

Sequencer Instruction

Commands or operations that control the order of execution of actions in a sequence within a control system.

Energized

A state in which an electrical component or circuit has power supplied to it, allowing it to perform its intended function.

Shift Register

A type of digital memory circuit used to store and shift its content on a signal, used for serial-to-parallel and parallel-to-serial conversion.