Inventory Costing Methods-Periodic Method The following information is for the Bud Company; the company sells just one product: Beginning Inventory Purchases: Feb. 11 May 18 Oct. 23 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. A. First-in, First-out: Do not round until your final answers. Round your answers to the nearest dollar. Ending Inventory $ Cost of goods sold $ B. Last-in, first-out: Ending Inventory $ Cost of goods sold $ Units Unit Cost 200 $10 500 14 400 16 100 22 C. Weighted Average Ending Inventory $ Cost of goods sold $ 0 0 0 0 0 0
Inventory Costing Methods-Periodic Method The following information is for the Bud Company; the company sells just one product: Beginning Inventory Purchases: Feb. 11 May 18 Oct. 23 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. A. First-in, First-out: Do not round until your final answers. Round your answers to the nearest dollar. Ending Inventory $ Cost of goods sold $ B. Last-in, first-out: Ending Inventory $ Cost of goods sold $ Units Unit Cost 200 $10 500 14 400 16 100 22 C. Weighted Average Ending Inventory $ Cost of goods sold $ 0 0 0 0 0 0
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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Step 1 Concept of FIFO, LIFO and Weighted Average cost method
VIEWStep 2 Calculation of number of units of closing stock
VIEWStep 3 Calculation of value of ending inventory and cost of goods sold as per FIFO method
VIEWStep 4 Calculation of value of ending inventory and cost of goods sold as per LIFO method
VIEWStep 5 Value of ending inventory and cost of goods sold as per Weighted average method
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