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Inventory Costing Methods-Periodic Method The following information is for the Vista Company; the company sells just one product: Units Unit Cost Beginning Inventory: Jan. 1 200 $10 Purchases: Feb. 11 500 14 May 18 400 17 Oct. 23 100 18 Sales: March 1 400 July 1 380 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Do not round until your final answers. Round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory $ Cost of goods sold s B. Last-in, first-out: Ending Inventory $ Cst goods sold s C. Weighted Average Ending Inventory s Cost of goods sold s

Inventory Costing Methods-Periodic Method The following information is for the Vista Company; the company sells just one product: Units Unit Cost Beginning Inventory: Jan. 1 200 $10 Purchases: Feb. 11 500 14 May 18 400 17 Oct. 23 100 18 Sales: March 1 400 July 1 380 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Do not round until your final answers. Round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory $ Cost of goods sold s B. Last-in, first-out: Ending Inventory $ Cst goods sold s C. Weighted Average Ending Inventory s Cost of goods sold s

FINANCIAL ACCOUNTING
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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**Inventory Costing Methods—Periodic Method** The following information is for the Vista Company; the company sells just one product: | Units | Unit Cost | |-------|-----------| | **Beginning Inventory:** | **Jan. 1** | **200** | **$10** | | **Purchases:** | **Feb. 11** | **500** | **14** | | | **May 18** | **400** | **17** | | | **Oct. 23** | **100** | **18** | | **Sales:** | **March 1** | **400** | | | | **July 1** | **380** | | Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Do not round until your final answers. 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: $______
Transcribed Image Text:**Inventory Costing Methods—Periodic Method** The following information is for the Vista Company; the company sells just one product: | Units | Unit Cost | |-------|-----------| | **Beginning Inventory:** | **Jan. 1** | **200** | **$10** | | **Purchases:** | **Feb. 11** | **500** | **14** | | | **May 18** | **400** | **17** | | | **Oct. 23** | **100** | **18** | | **Sales:** | **March 1** | **400** | | | | **July 1** | **380** | | Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Do not round until your final answers. 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: $______
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