The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $13 Purchases: February 11 1,500 $14 May 18 1,400 15 October 23 1,100 17 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.
The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $13 Purchases: February 11 1,500 $14 May 18 1,400 15 October 23 1,100 17 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.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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Question
D1.
![The following data are for the Portet
Corporation, which sells just one
product: Units Unit Cost Beginning
Inventory, January 1 1,200 $13
Purchases: February 11 1,500 $14
May 18 1,400 15 October 23 1,100
17 Sales: March 1 1,400 July 11,400
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff45f1cd3-5ba1-46ed-898f-d6d425cb9227%2F7259475b-4290-4594-b8e8-1c84336f2c3a%2Fqxcvs5e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following data are for the Portet
Corporation, which sells just one
product: Units Unit Cost Beginning
Inventory, January 1 1,200 $13
Purchases: February 11 1,500 $14
May 18 1,400 15 October 23 1,100
17 Sales: March 1 1,400 July 11,400
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
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