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The following data are for the Porter Corporation, which sells just one product: Unit Units Cost Beginning Inventory, January 1 1,200 $8 Purchases: February
The following data are for the Porter Corporation, which sells just one product: Unit Units Cost Beginning Inventory, January 1 1,200 $8 Purchases: February 11 1,500 9 May 18 1,400 12 October 23 1,100 14 Sales: March 1 July 1 1,400 October 29 1,400 1,200 Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Round the cost per unit to 3 decimal places and round your final answers to the nearest dollar. a. First-in, First-out: Ending Inventory $ Cost of goods sold $ b. Last-in, first-out: Ending Inventory $ Cost of goods sold $ c. Weighted Average Ending Inventory $ Cost of goods sold $
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