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 $
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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