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VanderMeer Inc. reported the following information for the month of February: Inventory, February 1 57 units @ $20 Purchase: February 7 48 units @ $22
VanderMeer Inc. reported the following information for the month of February:
Inventory, February 1 | 57 units @ $20 | |
Purchase: | ||
February 7 | 48 units @ $22 | |
February 18 | 67 units @ $24 | |
February 27 | 38 units @ $26 |
During February, VanderMeer sold 136 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 136 units sold, 48 cost $20, 34 cost $22, 50 cost $24, 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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