Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which sells just one product:
|
| Units | Unit Cost |
| Beginning Inventory, January 1 |
1,200 |
$8 |
| Purchases: |
February 11 |
1,500 |
$9 |
|
May 18 |
1,400 |
10 |
|
October 23 |
1,100 |
12 |
| Sales: |
March 1 |
1,400 |
|
|
July 1 |
1,400 |
|
|
October 29 |
1,000 |
|
Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method.
Hint: For weighted-average cost, round the cost per unit to 3 decimal places and round your final answers to the nearest dollar.
| a. |
First-in, First-out: |
|
|
Ending Inventory |
$Answer |
|
Cost of goods sold |
$Answer |
|
|
|
| b. |
Last-in, first-out: |
|
|
Ending Inventory |
$Answer |
|
Cost of goods sold |
$Answer |
|
|
|
| c. |
Weighted Average |
|
|
Ending Inventory |
$Answer |
|
Cost of goods sold |
$Answer |