Question - The units of an item available for sale during the year were as follows:
Jan 1. inventory 200 units at $60
Feb 17. purchase 275 units at $64
July 21 purchase 300 units at $68
Nov 23 purchase 225 units at $70
There are 220 units of the item in the physical inventory at Dec. 31 The periodic inventory system is used.
Determine the inventory cost by (a) the first-out method, (b) the last-in method, and (c) the weighted average cost method.