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VanderMeer Inc. reported the following information for the month of February: Inventory, February 1 66 units @ $26 Purchase: February 7 52 units @ $27
VanderMeer Inc. reported the following information for the month of February: Inventory, February 1 66 units @ $26 Purchase: February 7 52 units @ $27 February 18 64 units @ $28 47 units @ $29 February 27 During February, VanderMeer sold 144 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 144 units sold, 55 cost $26, 36 cost $27, 48 cost $28, and 5 cost $29. 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.) 6
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