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Inventory Costing Methods VanderMeer Inc. reported the following information for the month of February: Inventory, February 1 57 units @ $18 Purchase: February 7 51
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.)
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