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VanderMeer Inc. reported the following information for the month of October: Inventory, October 1 63 units @ $22 Purchase: October 7 53 units @ $23
VanderMeer Inc. reported the following information for the month of October:
Inventory, October 1 | 63 units @ $22 | |
Purchase: | ||
October 7 | 53 units @ $23 | |
October 18 | 62 units @ $25 | |
October 27 | 38 units @ $26 |
During October, VanderMeer sold 141 units. The company uses a periodic inventory system.
Required:
What is the value of ending inventory and cost of goods sold for October under the following assumptions.
Assumption | Cost of Goods Sold | Ending Inventory |
1. Of the 141 units sold, 53 cost $22, 37 cost $23, 47 cost $25, and 4 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.) | $ | $ |
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