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 $150 Purchases: Feb. 11 500 $154 May 18 400 156 Oct. 23 100 160 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 solds B. Last-in, first-out: Ending Inventory S Cost of goods soldS c. Weighted Average Ending Inventory S Cost of goods sold $

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 $150 Purchases: Feb. 11 500 $154 May 18 400 156 Oct. 23 100 160 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 solds B. Last-in, first-out: Ending Inventory S Cost of goods soldS c. Weighted Average Ending Inventory S Cost of goods sold $

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Description: Inventory Costing Methods-PeriodicMethod The following information is for theBloom Company for 2012; the company sellsjust one product:Units Unit CostBeginning Inventory Jan. 1200$150Purchases:Feb. 11500$154May 18400156Oct. 23100160Sales:March 1400J

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.27MCE

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