Inventory Costing Methods

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

Inventory, February 1		56 units @ $22
Purchase:
February 7		52 units @ $23
February 18		58 units @ $25
February 27		48 units @ $26

During February, VanderMeer sold 132 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.

Assumption Cost of Goods Sold Ending Inventory

1. Of the 132 units sold, 47 cost $22, 36 cost $23, 44 cost $25, and 5 cost $26. $ $

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.) and round all other calculations and your final answers to the nearest dollar.)$fill in the blank 7$fill in the blank 8