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 Beginning inventory Purchases: 200 $10 Feb. 11 500 400 14 16 May 18 October 23 100 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.

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 Beginning inventory Purchases: 200 $10 Feb. 11 500 400 14 16 May 18 October 23 100 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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10EA: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the...

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