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 Units Unit Cost Beginning Inventory n 200 14 Purchases Feb. 11 500 $15 May 18 400 Oct. 23 100 March 1 400 July 1 400 Sales: Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in. first-out. (b) 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. A. First-in, First-out: Ending Inventory Cost of goods sold B. Last-in,first-out Ending Inventory Cost of goods sold C. Weighted Average Ending Inventory Cost of goods sold

Explanation / Answer

Calculate cost of goods sold and ending inventory :

FIFO Ending inventory (100*20+300*17) 7100 Cost of goods sold (200*14+500*15+100*17) 12000 LIFO Ending inventory (200*14+200*15) 5800 Cost of goods sold (19100-5800) 13300 Weighted average Ending inventory (19100/1200*400) 6367 Cost of goods sold (19100/1200*800) 12733

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