The calculations to determine the inventory on this basis are given below 1

The calculations to determine the inventory on this

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The calculations to determine the inventory on this basis are given below.
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(1) First-in, first-out The inventory would be the same in amount as in part (a), $3,500 (2)Last-in, first-out Received Issued Balance Date No. of units Unit cost No. of units Unit cost No. of units Unit cost Amount Jan. 2 1,200 $3.00 1,200 $3.00 $3,600 Jan. 7 700 $3.00 500 3.00 1,500 Jan. 10 600 3.20 500 3.00 3,420 600 3.20 Jan. 13 500 3.20 500 3.00 1,820 100 3.20 Jan. 18 1,000 3.30 300 3.30 500 3.00 4,130 100 3.20 700 3.30 Jan. 20 700 3.30 100 3.20 300 3.00 200 3.00 600 Jan. 23 1,300 3.40 200 3.00 5,020 1,300 3.40 Jan. 26 800 3.40 200 3.00 2,300 500 3.40 Jan. 28 1,600 3.50 200 3.00 7,900 500 3.40 1,600 3.50 Jan. 31 1,300 3.50 200 3.00 3,350 500 3.40 300 3.50 Inventory, January 31 is $3,350 (3) Average cost Received Issued Balance Date No. of units Unit cost No. of units Unit cost No. of units Unit cost Amount Jan. 2 1,200 $3.00 1,200 $3.0000 $3,600 Jan. 7 700 $3.0000 500 3.0000 1,500 Jan. 10 600 3.20 1,100 3.1091 3,420 Jan. 13 500 3.1091 600 3.1091 1,865 Jan. 18 1,000 3.30 300 3.2281 1,300 3.2281 4,197 Jan. 20 1,100 3.2281 200 3.2281 646 Jan. 23 1,300 3.40 1,500 3.3773 5,066 Jan. 26 800 3.3773 700 3.3773 2,364 Jan. 28 1,600 3.50 2,300 3.4626 7,964 Jan. 31 1,300 3.4626 1,000 3.4626 3,463 Inventory, January 31 is $3,463
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  • Summer '10
  • ROSSMAN
  • 1981, 1986, 1971, 1949, 1990

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