Inventory Costing Methods The following data are for the Miller Corporation, which sells just one product: Unit Units Cost Beginning inventory January 1 200 $30 Purchases: February 11 500 $33 May 18 400 $38 October 23 100 $45 Sales March 1 400 July 1 400 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. Round your final answers to the nearest dollar. Cost of goods sold Ending inventory a. FIFO $ 0 $ 0 b. LIFO $ 0 $ 0 c. Weighted average $ 0 $ 0
Inventory Costing Methods The following data are for the Miller Corporation, which sells just one product: Unit Units Cost Beginning inventory January 1 200 $30 Purchases: February 11 500 $33 May 18 400 $38 October 23 100 $45 Sales March 1 400 July 1 400 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. Round your final answers to the nearest dollar. Cost of goods sold Ending inventory a. FIFO $ 0 $ 0 b. LIFO $ 0 $ 0 c. Weighted average $ 0 $ 0
Chapter1: Financial Statements And Business Decisions
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![Inventory Costing Methods
The following data are for the Miller Corporation, which sells just one product:
Unit
Units Cost
Beginning inventory January 1 200 $30
Purchases:
February 11
500
$33
May 18
400
$38
October 23 100
$45
Sales
March 1
400
July 1
400
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. Round your final
answers to the nearest dollar.
Cost of goods sold Ending inventory
a. FIFO
$
0 $
0
b. LIFO
$
0 $
0
c. Weighted average $
0 $
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F745d812f-13af-41c4-b764-f9742f99b3cd%2F6977070d-3f9e-45e8-8412-2a2686943b86%2F8c7rr5e_processed.png&w=3840&q=75)
Transcribed Image Text:Inventory Costing Methods
The following data are for the Miller Corporation, which sells just one product:
Unit
Units Cost
Beginning inventory January 1 200 $30
Purchases:
February 11
500
$33
May 18
400
$38
October 23 100
$45
Sales
March 1
400
July 1
400
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. Round your final
answers to the nearest dollar.
Cost of goods sold Ending inventory
a. FIFO
$
0 $
0
b. LIFO
$
0 $
0
c. Weighted average $
0 $
0
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