he following information is for the Vista Company for the year; 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 perpetual method and (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. 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
he following information is for the Vista Company for the year; 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 perpetual method and (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. 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
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.24MCE
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Inventory Costing Methods—Perpetual Method
The following information is for the Vista Company for the year; 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 perpetual method and (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods.
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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