Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $15 Purchases: February 11 1,500 $16 May 18 1,400 17 October 23 1,100 19 March 1 Sales: 1,400 July 1 1,400 October 29 1,000 Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Hint: For weighted-average cost, round the cost per unit to 3 decimal places and round your final answers to the nearest dollar. 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 Ending Inventory Cost of goods sold $
Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $15 Purchases: February 11 1,500 $16 May 18 1,400 17 October 23 1,100 19 March 1 Sales: 1,400 July 1 1,400 October 29 1,000 Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Hint: For weighted-average cost, round the cost per unit to 3 decimal places and round your final answers to the nearest dollar. 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 Ending Inventory Cost of goods sold $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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I can not figure out these answers, everything I come up with doesn't work:
Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which sells just one product:
| Units | Unit Cost | ||
|---|---|---|---|
| Beginning Inventory, January 1 | 1,200 | $15 | |
| Purchases: | February 11 | 1,500 | $16 |
| May 18 | 1,400 | 17 | |
| October 23 | 1,100 | 19 | |
| Sales: | March 1 | 1,400 | |
| July 1 | 1,400 | ||
| October 29 | 1,000 |
Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method.
Hint: For weighted-average cost, round the cost per unit to 3 decimal places and round your final answers to the nearest dollar.
Transcribed Image Text:Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which sells just one product:
Units Unit Cost
Beginning Inventory, January 1
1,200
$15
Purchases:
February 11
1,500
$16
May 18
1,400
17
October 23
1,100
19
March 1
Sales:
1,400
July 1
1,400
October 29
1,000
Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method.
Hint: For weighted-average cost, round the cost per unit to 3 decimal places and round your final answers to the nearest dollar.
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
Ending Inventory
Cost of goods sold $
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