E7-8A. Inventory Costing Methods The following information is for the Bloom Company for the cur-rent year; the company sells just one product:UnitsUnit CostBeginning inventory ..Purchases:200$10Feb. 115001416Маy 18 .October 2340010020At Decemnber 31 there was an ending inventory of 360 units. Assume the use of the periodic inven-tory method. Calculate the value of ending inventory and the cost of goods sold for the year using(a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method.

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Description: E7-8A. Inventory Costing Methods The following information is for the Bloom Company for the cur-rent year; the company sells just one product:UnitsUnit CostBeginning inventory ..Purchases:200$10Feb. 115001416Маy 18 .October 2340010020At Decemnber 31

Inventory costing methods refers to the methods adopted by the firms to calculate its cost of…

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E7-8A. Inventory Costing Methods The following information is for the Bloom Company for the cur- rent year; the company sells just one product: Units Unit Cost $10 Beginning inventory Purchases: 200 500 400 Feb. 11 14 May 18 October 23 16 100 20 At December 31 there was an ending inventory of 360 units. Assume the use of the periodic inven- tory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method.

E7-8A. Inventory Costing Methods The following information is for the Bloom Company for the cur- rent year; the company sells just one product: Units Unit Cost $10 Beginning inventory Purchases: 200 500 400 Feb. 11 14 May 18 October 23 16 100 20 At December 31 there was an ending inventory of 360 units. Assume the use of the periodic inven- tory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 1PEA: The following three identical units of Item BZ1810 are purchased during November: Assume that one...

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