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The following data are for the Evans Company, which sells just one product: Units Unit Cost 200 500 400 Beginning inventory January 1 Purchases: Sales February 11 May 18 October 23 March 1 July 1 100 400 400 $40 $56 $64 $80 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in method. Cost of goods sold Ending inventory a FIFO S b. LIFO $ c. Weighted average s 05 0$ 05 DOO 0 0 0

The following data are for the Evans Company, which sells just one product: Units Unit Cost 200 500 400 Beginning inventory January 1 Purchases: Sales February 11 May 18 October 23 March 1 July 1 100 400 400 $40 $56 $64 $80 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-in method. Cost of goods sold Ending inventory a FIFO S b. LIFO $ c. Weighted average s 05 0$ 05 DOO 0 0 0

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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Subject: accounting 

Inventory Costing Methods The following data are for the Evans Company, which sells just one product: Units Unit Cost 200 500 400 100 400 400 Beginning inventory January 1 Purchases February 11 May 18 October 23 March 1 July 1 Sales $40 $56 $64 $80 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-ire method. Cost of goods sold Ending inventory 05 0$ 05 a. FIFO b. LIFO $ c. Weighted average 1 0 0 0
Transcribed Image Text:Inventory Costing Methods The following data are for the Evans Company, which sells just one product: Units Unit Cost 200 500 400 100 400 400 Beginning inventory January 1 Purchases February 11 May 18 October 23 March 1 July 1 Sales $40 $56 $64 $80 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last-ire method. Cost of goods sold Ending inventory 05 0$ 05 a. FIFO b. LIFO $ c. Weighted average 1 0 0 0
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