Exercise 5-11 Inventory Costing Methods VanderMeer Inc. reported the following information for the mon Inventory, February 1 Purchases 65 units@ $20 February 7 February 18 February 27 50 units@ $22 60 units@ $23 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. LIFC 4. Weighted average Exercise 5-12 Evaluation of Inventory Costing Methods