Question

Question 4 P lag question Not complete Marked out of 1.00 Inventory Costing Methods-Perlodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 February 11 May 18 1,200 $15 Purchases: 1.500 $16 17 1,400 October 23 1,100 19 Sales: March 1 1400 1400 July 1 October 29 1,000 Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted- average cost method. Hint: For weighted-average cost, round the cost per unit to 3 decimal places and round your final answers to the nearest dollar. a. First-in, First-out Ending InventoryS Cost of goods sold s b. Last-in, first-out: Ending InventoryS 1Joddng

Answer 1

Hi

Let me know in case you face any issue:

Answers are highlighted in yellow: Solution: FIFO Date Jan.01 Feb.11 May.18 Oct.23 Goods purchased Cost of Goods Sold Ending Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1200 $ 15.00 $ 18,000 1200 $ 15.00 $ 18,000 1500 $ 16.00 $ 24,000 1500 $ 16.00 $ 24,000 $ - 1400 $ 17.00 $ 23,800 L 200 $ 17.00$ 3,400 1200 $ 17.00 $ 20,400 1100 $ 19.00 $ 20,900 $ - 1100 $ 19.00 $ 20,900 52001 $ 86,700 2900 $ 45,400 2300 $ 41,300 LIFOT Date Jan.01 Feb.11 May.18 Oct.23 Goods purchased Cost of Goods Sold Ending Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1200 $ 15.00 $ 18,000 $ 1200 $ 15.00 $ 18,000 1500 $ 16.00 $ 24,000 400 $ 16.00 $ 6,400 1100 $ 16.00 $ 17,600 1400 $ 17.00 $ 23,800 1400 $ 17.00 $ 23,800 1100 $ 19.00 $ 20,900 1100 $ 19.00 $ 20,900 5200 $ 86,700 2900 $ 51,100 23001 Avg. Date Jan. 01 Feb.11 May.18 Oct.23 Goods purchased Cost of Goods Sold Ending Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1200 $ 15.00 $ 18,000 1500 $ 16.00 $ 24,000 2900 $ 16.673 $ 48,352 $ - 1400 $ 17.00 $ 23,800 $ - 1100 $ 19.00 $ 20,900 $ - 2300 $ 16.67$ 38,348 52001 $ 86,700 29001 $ 48,352 2 3001 $ 38,348