Inventory Costing Methods—Periodic Method The following information is for the Vista Company; the company sells just one product: Units Unit Cost Beginning Inventory: Jan. 1 200 $10 Purchases: Feb. 11 500 14 May 18 400 17 Oct. 23 100 18 Sales: March 1 400 July 1 380 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. Do not round until your final answers. 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 information is for the Vista Company; the company sells just one product: Units Unit Cost Beginning Inventory: Jan. 1 200 $10 Purchases: Feb. 11 500 14 May 18 400 17 Oct. 23 100 18 Sales: March 1 400 July 1 380 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. Do not round until your final answers. 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
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Inventory Costing Methods—Periodic Method
The following information is for the Vista Company; the company sells just one product:
| Units | Unit Cost | ||
|---|---|---|---|
| Beginning Inventory: | Jan. 1 | 200 | $10 |
| Purchases: | Feb. 11 | 500 | 14 |
| May 18 | 400 | 17 | |
| Oct. 23 | 100 | 18 | |
| Sales: | March 1 | 400 | |
| July 1 | 380 |
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.
Do not round until your final answers. 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
|
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