Inventory Costing Methods-Periodic Method The following data are for the Cracker Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $18 Purchases: February 11 May 18 1,500 19 1,400 20 October 23 1,100 23 Sales: March 1 1,400 July 1 1,400 October 29 1,000 Calculate the value of ending inventory and cost of goods sold for the year using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. 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 $ Cost of goods sold $ b. Last-in, first-out: Ending Inventory $ Cost of goods sold $ c. Weighted Average Ending Inventory $ Cost of goods sold $
Inventory Costing Methods-Periodic Method The following data are for the Cracker Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $18 Purchases: February 11 May 18 1,500 19 1,400 20 October 23 1,100 23 Sales: March 1 1,400 July 1 1,400 October 29 1,000 Calculate the value of ending inventory and cost of goods sold for the year using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. 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 $ Cost of goods sold $ b. Last-in, first-out: Ending Inventory $ Cost of goods sold $ c. Weighted Average Ending Inventory $ Cost of goods sold $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
bvs
Transcribed Image Text:Inventory Costing Methods-Periodic Method
The following data are for the Cracker Corporation, which sells just one product:
Units Unit Cost
Beginning Inventory, January 1 1,200
$18
Purchases:
February 11
May 18
1,500
19
1,400
20
October 23
1,100
23
Sales:
March 1
1,400
July 1
1,400
October 29
1,000
Calculate the value of ending inventory and cost of goods sold for the year using the periodic
method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method.
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
$
Cost of goods sold $
b. Last-in, first-out:
Ending Inventory
$
Cost of goods sold $
c. Weighted Average
Ending Inventory
$
Cost of goods sold $
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education