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Inventory Costing Methods VanderMeer Inc. reported the following information for the month of February: Inventory, February 1 59 units @ $18 Purchase: February 7 53
Inventory Costing Methods
VanderMeer Inc. reported the following information for the month of February:
Inventory, February 1 | 59 units @ $18 | |
Purchase: | ||
February 7 | 53 units @ $20 | |
February 18 | 58 units @ $21 | |
February 27 | 44 units @ $22 |
During February, VanderMeer sold 135 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 135 units sold, 50 cost $18, 37 cost $20, 44 cost $21, and 4 cost $22. | $ | $ |
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.) |
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