Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,200 units at $7 Feb. 17 Purchase 3,700 units at $8 ul. 21 Purchase 2,700 units at $9 Nov. 23 Purchase 1,400 units at $10 There are 1,600 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, erform the required analysis, and input your answers in the questions below. pen spreadsheet Determine the inventory cost by the first-in, first-out method. Determine the inventory cost by the last-in, first-out method. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar.

Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,200 units at $7 Feb. 17 Purchase 3,700 units at $8 ul. 21 Purchase 2,700 units at $9 Nov. 23 Purchase 1,400 units at $10 There are 1,600 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, erform the required analysis, and input your answers in the questions below. pen spreadsheet Determine the inventory cost by the first-in, first-out method. Determine the inventory cost by the last-in, first-out method. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar.

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Description: Periodic inventory by three methodsThe units of an item available for sale during the year were as follows:Nov. 23 Purchase 1,400 units at $10There are 1,600 units of the item in the physical inventory at December 31. The periodic inventory system i

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 5PA

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