The following information is for the Bud Company; the company sells just one product: Units Unit Cost 200 Beginning Inventory Feb. 11 400 Purchases: $10 14 500 16 May 18 Oct. 23 100 22 At year-end, there was an ending inventory of 340 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method. Do not round until your final answers. Round your 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 s
The following information is for the Bud Company; the company sells just one product: Units Unit Cost 200 Beginning Inventory Feb. 11 400 Purchases: $10 14 500 16 May 18 Oct. 23 100 22 At year-end, there was an ending inventory of 340 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method. Do not round until your final answers. Round your 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 s
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The following information is for the Bud Company; the company sells just one product:
Units Unit Cost
200
Beginning Inventory
Feb. 11
400
Purchases:
$10
14
500
16
May 18
Oct. 23
100
22
At year-end, there was an ending inventory of 340 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average
cost method.
Do not round until your final answers. Round your 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 s](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F53ad35f8-a0d0-48a5-a69b-1dd1b21d3221%2Fd6701322-04e9-4d55-8d6d-bc5837d458d3%2F62mv4te.png&w=3840&q=75)
Transcribed Image Text:The following information is for the Bud Company; the company sells just one product:
Units Unit Cost
200
Beginning Inventory
Feb. 11
400
Purchases:
$10
14
500
16
May 18
Oct. 23
100
22
At year-end, there was an ending inventory of 340 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average
cost method.
Do not round until your final answers. Round your 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 s
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