Inventory Costing Methods—Periodic Method The following data are for the Portet Corporation, which sells just one product: UnitsUnit CostBeginning Inventory, January 11,200$8Purchases:February 111,500$9 May 181,40010 October 231,10012Sales:March 11,400 July 11,400 October 291,000 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.

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Description: Inventory Costing Methods—Periodic Method The following data are for the Portet Corporation, which sells just one product: UnitsUnit CostBeginning Inventory, January 11,200$8Purchases:February 111,500$9 May 181,40010 October 231,10012Sales:March 11

Corporations use inventory valuation as a method of accounting to determine the worth of unsold…

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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 Portet Corporation, which sells just one product:

		Units	Unit Cost
Beginning Inventory, January 1	1,200	$8
Purchases:	February 11	1,500	$9
	May 18	1,400	10
	October 23	1,100	12
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.

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