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.

Question

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.

Quizplus · Accepted Answer

The Answer of 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.

The Units of an Item Available for Sale During the Year