VanderMeer Inc. reported the following information for the month of February: Inventory, February 1 65 units @ $20
Purchases:
February 7 50 units @ $22
February 18 60 units @ $23
February 27 45 units @ $24
During February, VanderMeer sold 140 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:
1. Of the 140 units sold, 55 cost $20, 35 cost $22, 45 cost $23, and 5 cost $24.
2. FIFO
3. LIFO
4. Weighted average