E7-8A. Inventory Costing Methods The following information is for the Bloom Company for the cur- rent year; the company sells just one product: Units Unit Cost Beginning inventory. Purchases: 200 $10 Feb. 11 500 14 May 18 October 23 400 16 100 20 At December 31 there was an ending inventory of 360 units. Assume the use of the periodic inven- tory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method.

E7-8A. Inventory Costing Methods The following information is for the Bloom Company for the cur- rent year; the company sells just one product: Units Unit Cost Beginning inventory. Purchases: 200 $10 Feb. 11 500 14 May 18 October 23 400 16 100 20 At December 31 there was an ending inventory of 360 units. Assume the use of the periodic inven- tory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method.

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Description: E7-8A. Inventory Costing Methods The following information is for the Bloom Company for the cur-rent year; the company sells just one product:UnitsUnit Cost$10Beginning inventoryFeb. 11.May 18.October 23.200Purchases:500144001610020At December 31 th

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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