The Beginning Inventory and Purchases of an Item for the Period

question 204

Essay

The beginning inventory and purchases of an item for the period were as follows:​ The company uses the periodic system,and there were 15 units in the inventory at the end of the period.Determine the cost of the 15 units in the inventory by each of the following methods,presenting details of your computations:
(a)first-in,first-out;
(b)last-in,first-out;
(c)average cost.Do not round your intermediate calculations.Round your final answer to two decimal places.

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Definitions:

Food Foragers

People or groups who subsist by hunting, fishing, and gathering wild plants and fungi, rather than cultivating crops or domesticating animals.

Incidences of Warfare

Occurrences or instances of armed conflict between groups, emphasizing the frequency and distribution of such events over time or space.

Frequent Mobility

The tendency or need to move often, either in short distances within a local area or longer migrations, found in nomadic or certain modern lifestyles.

Chiefdom

A politically organized society in which several neighboring communities inhabiting a territory are united under a single ruler, who is at the head of a ranked hierarchy of people.