The units of an item available for sale during the year were as follows:
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.
Definitions:
Oligopolists
Firms or entities that are part of an oligopoly, a market dominated by a small number of large suppliers, leading to limited competition.
R&D
Research and Development; activities in connection with corporate or governmental innovation, encompassing the work towards the development of new products or procedures.
Economic Profit
The financial surplus a company has after deducting all types of costs, including visible and hidden, from its gross income.
Existing Technology
The current state of technological development or the sum of the technological innovations available in any given field or society.
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