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:
Income Distribution
The process of dividing earnings, often in the form of dividends, to shareholders based on the number of shares they own.
Net Income
The total earnings of a company after accounting for all expenses, taxes, and costs, indicating the company's profit.
Personal Use
The use of a product or service for private, non-commercial purposes.
Capital Contributions
Investments made by owners or shareholders into a company in exchange for an increase in ownership equity or stock without the need for repayment.
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