The Units of an Item Available for Sale During the Year

question 21

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:

Non Sequitur

A conclusion or statement that does not logically follow from the previous statement or argument, presenting a disconnect in reasoning.

Conclusion

The final part of an argument, statement, or text where the outcome or decision is derived from the previously presented information or arguments.

Premises

Statements or propositions on which an argument is based or from which a conclusion is drawn.

Begging the Question

A logical fallacy in which the conclusion of an argument is assumed in the premise, essentially arguing in a circle.