Inventory Costing Methods-Perpetual Method Using the data below, assume that Portet Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold at year-end using the perpetual 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. Units Unit Cost $8 $9 10 12 Beginning Inventory, January 11,200 Purchases: February 11 1,500 May 18 1,400 October 23 1,100 March 1 1,400 July 1 1,400 October 29 1,000 Sales:
Inventory Costing Methods-Perpetual Method Using the data below, assume that Portet Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold at year-end using the perpetual 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. Units Unit Cost $8 $9 10 12 Beginning Inventory, January 11,200 Purchases: February 11 1,500 May 18 1,400 October 23 1,100 March 1 1,400 July 1 1,400 October 29 1,000 Sales:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Man
Give me correct answer with explanation
Transcribed Image Text:Inventory Costing Methods-Perpetual Method
Using the data below, assume that Portet Corporation
uses the perpetual inventory system. Calculate the
value of ending inventory and cost of goods sold at
year-end using the perpetual 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.
Beginning Inventory, January 1 1,200
Purchases:
February 11
1,500
May 18
1,400
October 23
1,100
1,400
1,400
1,000
Sales:
March 1
July 1
October 29
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
Units Unit Cost
$8
$9
10
12
Ending Inventory $
Cost of Goods Sold $
27,200 x
27,200 x
0 x
0 x
0 x
0 x
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 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.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