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:
Organismic Model
A conceptual model that views an organization or system as a living organism with interdependent parts, used to understand complex systems.
Individualistic Model
A concept in ecology that emphasizes the importance of individual variation in influencing community structure.
Interaction
A kind of action that occurs as two or more objects have an effect upon one another. The idea of a two-way effect is essential in the concept of interaction, as opposed to a one-way causal effect.
Organismic Model
A perspective in biology and ecology that views an organism as a single, integrated unit.
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