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. a. First-in, First-out: Ending Inventory Answer Cost of goods sold Answer b. Last-in, first-out: Ending Inventory Answer Cost of goods sold Answer c. Weighted Average Ending Inventory Answer Cost of goods sold Answer
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. a. First-in, First-out: Ending Inventory Answer Cost of goods sold Answer b. Last-in, first-out: Ending Inventory Answer Cost of goods sold Answer c. Weighted Average Ending Inventory Answer Cost of goods sold Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
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.
| a. | First-in, First-out: | |
| Ending Inventory | Answer
|
|
| Cost of goods sold | Answer
|
|
| b. | Last-in, first-out: | |
| Ending Inventory | Answer
|
|
| Cost of goods sold | Answer
|
|
| c. | Weighted Average | |
| Ending Inventory | Answer
|
|
| Cost of goods sold | Answer
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
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