Inventory Costing Methods-Periodic Method The following information is for the T

Question

Inventory Costing Methods-Periodic Method The following information is for the Toon Company for 2012; the company sells just one product: Beginning Inventory an. 1 200 Feb. 11 500 May 18 400 Oct. 23100 March1 400 1 400 Units Unit Cost $18 $19 21 24 Purchases: Sales: Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out,() last-in, first-out, and (c) weighted-average cost method. Do not round until your final answers. Round your final answers to the nearest dollar.

Explanation / Answer

Calculate following :

FIFO Ending inventory (100*24+300*21) 8700 Cost of goods sold (200*18+500*19+100*21) 15200 LIFO Ending inventory (200*18+200*19) 7400 Cost of goods sold (23900-7400) 16500 Weighted average method Ending inventory (23900/1200*400) 7967 Cost of goods sold (23900/1200*800) 15933

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