Inventory Costing Methods-Periodic Method The following data are for the Graham Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $24 Purchases: February 11 1,500 $25 May 18 1,400 26 October 23 1,100 28 Sales: March 1 1,400 July 1 1,400 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 Inventory Answer Cost of goods sold Answer b. Last-in, first-out: Ending Inventory Answer Cost of goods sold Answer c. Weighted Average Ending Inventory Answer Cost of goods sold Answer
Inventory Costing Methods-Periodic Method The following data are for the Graham Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $24 Purchases: February 11 1,500 $25 May 18 1,400 26 October 23 1,100 28 Sales: March 1 1,400 July 1 1,400 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 Inventory Answer Cost of goods sold Answer b. Last-in, first-out: Ending Inventory Answer Cost of goods sold Answer c. Weighted Average Ending Inventory Answer Cost of goods sold Answer
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 5.24MCE
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Inventory Costing Methods-Periodic Method The following data are for the Graham Corporation, which sells just one product:
| Units | Unit Cost | ||
|---|---|---|---|
| Beginning Inventory, January 1 | 1,200 | $24 | |
| Purchases: | February 11 | 1,500 | $25 |
| May 18 | 1,400 | 26 | |
| October 23 | 1,100 | 28 | |
| Sales: | March 1 | 1,400 | |
| July 1 | 1,400 | ||
| 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 Inventory | Answer
|
|
| Cost of goods sold | Answer
|
|
| b. | Last-in, first-out: | |
| Ending Inventory | Answer
|
|
| Cost of goods sold | Answer
|
|
| c. | Weighted Average | |
| Ending Inventory | Answer
|
|
| Cost of goods sold | Answer
|
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