Need steps on how to calculate the periodic inventory with the first-in,first-out and last-in,first-out and the average cost. This is the problem:
Jan. 1 Inventory 168 units at $60
Apr. 15 Purchase 232 units at $65
Sept. 3 Purchase 80 units at $68
Nov. 23 Purchase 120 units at $70
There are 140 units of the item in the physical inventoryat December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods.
I am confused on how to do the calculation to find the three methods. If I had steps of how to do this with other units would be very appreciated.:confused: :confused:
