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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
$10
Purchases:
Feb. 11
500
14
May 18
400
17
Oct. 23
100
18
Sales:
March 1
400
July 1
380
Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method.
Do not round until your final answers. Round your final answers to the nearest dollar.
A. First-in, First-out:
Ending Inventory
2$
Cost of goods sold $
B. Last-in, first-out:
Ending Inventory
24
Cost of goods sold $
C. Weighted Average
Ending Inventory
24
Cost of goods sold $
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