Description of this paper

Inventory and purchases of an item

Description

solution


Question

The beginning inventory and purchases of an item for the period were as follows;Beginning inventory 6 units at $73 each;First purchase 10 units at $72 each;Second purchase 18 units at $74 each;Third purchase 10 units at $75 each;The company uses the periodic system, and there were 15 units in the inventory at the end of the period. Determine the cost of the 15 units in the inventory by each of the following methods, presenting details of your computations: (a) first-in, first-out, (b) last-in, first-out, (c) average cost.

 

Paper#26574 | Written in 18-Jul-2015

Price : $27
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