Homework Help is Here – Start Your Trial Now!
Business
Accounting
Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $15 Purchases: February 11 1,500 $16 May 18 1,400 17 October 23 1,100 19 March 1 Sales: 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 Cost of goods sold $ b. Last-in, first-out: Ending Inventory Cost of goods sold $ c. Weighted Average Ending Inventory Cost of goods sold $

Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $15 Purchases: February 11 1,500 $16 May 18 1,400 17 October 23 1,100 19 March 1 Sales: 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 Cost of goods sold $ b. Last-in, first-out: Ending Inventory Cost of goods sold $ c. Weighted Average Ending Inventory Cost of goods sold $

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
See similar textbooks
icon
Related questions
Question

I can not figure out these answers, everything I come up with doesn't work:

Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which sells just one product:

 

    Units Unit Cost
Beginning Inventory, January 1 1,200 $15
Purchases: February 11 1,500 $16
  May 18 1,400 17
  October 23 1,100 19
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.

 
Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $15 Purchases: February 11 1,500 $16 May 18 1,400 17 October 23 1,100 19 March 1 Sales: 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 Cost of goods sold $ b. Last-in, first-out: Ending Inventory Cost of goods sold $ c. Weighted Average Ending Inventory Cost of goods sold $
Transcribed Image Text:Inventory Costing Methods-Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1,200 $15 Purchases: February 11 1,500 $16 May 18 1,400 17 October 23 1,100 19 March 1 Sales: 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 Cost of goods sold $ b. Last-in, first-out: Ending Inventory Cost of goods sold $ c. Weighted Average Ending Inventory Cost of goods sold $
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 6 steps with 6 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS