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The Units of an Item Available for Sale During the Year

Question 177

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The units of an item available for sale during the year were as follows:?  January 10 Inventory 27 units @$90 February 27 Purchase 54 units @$98 July 11 Purchase 63 units @$106 November 13 Purchase 36 units @$115\begin{array} { | l l | l | l | } \hline \text { January } & 10 & \text { Inventory } & 27 \text { units } @ \$ 90 \\\hline \text { February } & 27 & \text { Purchase } & 54 \text { units } @ \$ 98 \\\hline \text { July } & 11 & \text { Purchase } & 63 \text { units } @ \$ 106 \\\hline \text { November } & 13 & \text { Purchase } & 36 \text { units } @ \$ 115 \\\hline\end{array} There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending 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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(b) blured image uni...

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