Inventory Costing Methods VanderMeer Inc. reported the following information for the month of February:

Inventory, February 1 65 units @ $20 Purchases:

February 7 50 units @ $22 February 18 60 units @ $23 February 27 45 units @ $24 During February, VanderMeer sold 140 units. The company uses a periodic inventory system.

Required What is the value of ending inventory and cost of goods sold for February under the following assumptions:
1. Of the 140 units sold, 55 cost $20, 35 cost $22, 45 cost $23, and 5 cost $24.
2. FIFO 3. LIFO 4. Weighted average.

AppendixLO1