The Units of an Item Available for Sale During the Year

question 64

Essay

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.

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Definitions:

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