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 February 11 $9 Purchases: 1,500 $10 May 18 1,400 11 October 23 1,100 13 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.
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 February 11 $9 Purchases: 1,500 $10 May 18 1,400 11 October 23 1,100 13 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.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text: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
February 11
$9
Purchases:
1,500
$10
May 18
1,400
11
October 23
1,100
13
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.
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