Inventory Costing Methods VanderMeer Inc. reported the following information for the month of February: Inventory, February 1 57 units @ $18 Purchase: February 7 51 units @ $20 February 18 67 units @ $21 February 27 40 units @ $23 During February, VanderMeer sold 138 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 138 units sold, 48 cost $18, 36 cost $20, 50 cost $21, and 4 cost $23. 2,726 $ 1,647 2. FIFO $ 3. LIFO DUO $ 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.) Accelerated Depreciation Koffman's Warehouse purchased a forklift on January 1, 2017, for $370,000. The forklift is expected to last for five years and have a residual value of $15,000. Koffman's uses the double-declining-balance method for depreciation. Required: 1. Calculate the depreciation expense, accumulated depreciation, and book value for each year of the forklift's life. If necessary, round any depreciation calculations to the nearest dollar. Year Annual Depreciation Accumulated Depreciation Book Value 2017 $ 148,000 $ 148,000 2018 217,000 2019 0 130,600 2020 0 78,760 2021 0 47,656 2. Identify and analyze the effect of the transaction for depreciation for 2017. Activity Operating Accounts Depreciation Expense Increa Accumulated epreciation Increase Statement(s) Income Statement X Feedback Check My Work Record depreciation expense by increasing the expense and accumulated depreciation accounts