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Chapter 5 eBook Calculator Inventory Costing Methods VanderMeer Inc. reported the following information for the month...


Chapter 5 eBook Calculator Inventory Costing Methods VanderMeer Inc. reported the following information for the month of Augu
Chapter 5 eBook Calculator Inventory Costing Methods VanderMeer Inc. reported the following information for the month of August: Inventory, August 1 56 units $20 Purchase: August 7 51 units $21 August 18 68 units $23 August 27 48 units $25 During August, VanderMeer sold 139 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for August under the following assumptions, Assumption Cost of Goods Sold 1. Of the 139 units sold, 47 cost $20,36 cost $21, 51 cost $23, and 5 cost $25 Ending Inventory 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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Cost of Goods Sold: (47x520)+(36X 821)+(51X $23) Answer is as follows: (a) +(5 x $25) - $2994 (6) Ending Inventory: (56-47)X2Weighted average cost: $4955 4. Weighted Average Method costcp) Total costcp) : units 1120 107 56 51 68 48 1564 25 1200 $ 995

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