The Units of an Item Available for Sale During the Year

question 70

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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