Chapter 6 Exercises- Module 1 – Accounting 101 Inventory Costing Methods-Periodi
ID: 2543426 • Letter: C
Question
Chapter 6 Exercises- Module 1 – Accounting 101
Inventory Costing Methods-Periodic Method The following information is for the Bloom Company for 2012; the company sells just one product:
Units Unit Cost
Beginning Inventory Jan. 1 200 $23
Purchases: Feb. 11 500 $27
May 18 400 29
Oct. 23- 100 33
Sales: March 1 - 400
July 1 - 400
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 $
Explanation / Answer
Calculate the value of ending inventory and cost of goods sold using the periodic method
First-in, First-out: Ending Inventory (100*33+300*29) 12000 Cost of goods sold (200*23+500*27+100*29) 21000 Last-in, first-out: Ending Inventory (200*23+200*27) 10000 Cost of goods sold (33000-10000) 23000 Weighted Average Ending Inventory (33000/1200*400) 11000 Cost of goods sold (33000/1200*800) 22000Related Questions
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