The Beginning Inventory and Purchases of an Item for the Period

question 3

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:

Pinna

The visible part of the ear.

Outermost Part

The most external or superficial layer of an object or body.

Sound Waves

Sounds that move through the air or a different substance and become audible upon arriving at the ear of a human or an animal.

Vibration

A mechanical phenomenon whereby oscillations occur about an equilibrium point, commonly observed in objects that produce sound.