Trying to figured out answer 2,3,4. I already answered question one correctly. Thnak you for looking this over.   Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October 1   69 units @ $18 Purchase:     October 7   48 units @ $20 October 18   66 units @ $22 October 27   44 units @ $23 During October, VanderMeer sold 146 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1.  Of the 146 units sold, 58 cost $18, 34 cost $20, 50 cost $22, and 4 cost $23. 2916 1750 2.  FIFO ?   3.  LIFO ? ? 4.  Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.) ?

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A:

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.