Inventory Costing Methods VanderMeer Inc. reported the following information for the month of February: Inventory, February 1 65 units @ $20 Purchases: February 7 50 units @ $22 February 18 60 units @ $23 February 27 45 units @ $24 During February, VanderMeer sold 140 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for February under the following assumptions: Assumption Cost of Goods Sold Ending Inventory 1. Of the 140 units sold, 55 cost $20, 35 cost $22, 45 cost $23, and 5 cost $24. $4 12,460 X $4 2. FIFO $4 2,975 $ 1,885 3. LIFO $4 3,230 $ 1,630 4. Weighted average (Round average unit cost to the nearest cent, 0.46 and round all other calculations and your final answers to the nearest dollar.)
Inventory Costing Methods VanderMeer Inc. reported the following information for the month of February: Inventory, February 1 65 units @ $20 Purchases: February 7 50 units @ $22 February 18 60 units @ $23 February 27 45 units @ $24 During February, VanderMeer sold 140 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for February under the following assumptions: Assumption Cost of Goods Sold Ending Inventory 1. Of the 140 units sold, 55 cost $20, 35 cost $22, 45 cost $23, and 5 cost $24. $4 12,460 X $4 2. FIFO $4 2,975 $ 1,885 3. LIFO $4 3,230 $ 1,630 4. Weighted average (Round average unit cost to the nearest cent, 0.46 and round all other calculations and your final answers to the nearest dollar.)
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Inventory Costing Methods
VanderMeer Inc. reported the following information for the month of February:
Inventory, February 1
65 units @ $20
Purchases:
February 7
50 units @ $22
February 18
60 units @ $23
February 27
45 units @ $24
During February, VanderMeer sold 140 units. The company uses a periodic inventory system.
Required:
What is the value of ending inventory and cost of goods sold for February under the following assumptions:
Assumption
Cost of Goods Sold
Ending Inventory
1. Of the 140 units sold, 55 cost $20, 35 cost $22, 45 cost $23, and 5 cost $24.
$4
12,460 X
$4
2. FIFO
$4
2,975
$
1,885
3. LIFO
$4
3,230
$
1,630
4. Weighted average (Round average unit cost to the nearest cent,
0.46
and round all other calculations and your final answers to the nearest dollar.)
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