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Inventory Costing Methods The following information is for the Bloom Company for the cur- rent year; the company sells just one product: Units Unit Cost Beginning inventory Purchases: 200 $10 Feb. 11 500 400 14 16 May 18 October 23 100 20 At December 31 there was an ending inventory of 360 units. Assume the use of the periodic inven- tory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method.

Inventory Costing Methods The following information is for the Bloom Company for the cur- rent year; the company sells just one product: Units Unit Cost Beginning inventory Purchases: 200 $10 Feb. 11 500 400 14 16 May 18 October 23 100 20 At December 31 there was an ending inventory of 360 units. Assume the use of the periodic inven- tory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method.

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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E7-8A. Inventory Costing Methods The following information is for the Bloom Company for the cur- rent year; the company sells just one product: Units Unit Cost Beginning inventory .. Purchases: 200 $10 Feb. 11 500 14 16 Маy 18 . October 23 400 100 20 At Decemnber 31 there was an ending inventory of 360 units. Assume the use of the periodic inven- tory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method.
Transcribed Image Text:E7-8A. Inventory Costing Methods The following information is for the Bloom Company for the cur- rent year; the company sells just one product: Units Unit Cost Beginning inventory .. Purchases: 200 $10 Feb. 11 500 14 16 Маy 18 . October 23 400 100 20 At Decemnber 31 there was an ending inventory of 360 units. Assume the use of the periodic inven- tory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method.
SE7-8. Inventory Costing Methods and the Periodic Method Lambeth Company experienced the fol- lowing events in January: Date Event Units Unit Cost Total Cost Purchased inventory. Purchased inventory. Sold inventory. . Jan. 10 100 $12 $1,200 Jan. 20 200 14 2,800 Jan. 30 150 If the Lambeth Company uses the FIFO inventory costing method, calculate the company’s cost of goods sold and its ending inventory as of January 31 assuming the periodic method.
Transcribed Image Text:SE7-8. Inventory Costing Methods and the Periodic Method Lambeth Company experienced the fol- lowing events in January: Date Event Units Unit Cost Total Cost Purchased inventory. Purchased inventory. Sold inventory. . Jan. 10 100 $12 $1,200 Jan. 20 200 14 2,800 Jan. 30 150 If the Lambeth Company uses the FIFO inventory costing method, calculate the company’s cost of goods sold and its ending inventory as of January 31 assuming the periodic method.
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