Trying to figured out answer 2,3,4. I already answered question one correctly. Thnak you for looking this over. Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October 1 69 units @ $18 Purchase: October 7 48 units @ $20 October 18 66 units @ $22 October 27 44 units @ $23 During October, VanderMeer sold 146 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 146 units sold, 58 cost $18, 34 cost $20, 50 cost $22, and 4 cost $23. 2916 1750 2. FIFO ? 3. LIFO ? ? 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.) ?
Trying to figured out answer 2,3,4. I already answered question one correctly. Thnak you for looking this over. Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October 1 69 units @ $18 Purchase: October 7 48 units @ $20 October 18 66 units @ $22 October 27 44 units @ $23 During October, VanderMeer sold 146 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 146 units sold, 58 cost $18, 34 cost $20, 50 cost $22, and 4 cost $23. 2916 1750 2. FIFO ? 3. LIFO ? ? 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.) ?
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 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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Trying to figured out answer 2,3,4. I already answered question one correctly. Thnak you for looking this over.
Inventory Costing Methods
VanderMeer Inc. reported the following information for the month of October:
| Inventory, October 1 | 69 units @ $18 | |
| Purchase: | ||
| October 7 | 48 units @ $20 | |
| October 18 | 66 units @ $22 | |
| October 27 | 44 units @ $23 |
During October, VanderMeer sold 146 units. The company uses a periodic inventory system.
Required:
What is the value of ending inventory and cost of goods sold for October under the following assumptions.
| Assumption | Cost of Goods Sold | Ending Inventory |
| 1. Of the 146 units sold, 58 cost $18, 34 cost $20, 50 cost $22, and 4 cost $23. | 2916 | 1750 |
| 2. FIFO | ? | |
| 3. LIFO | ? | ? |
| 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.) |
? | ? |
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VIEWSub-Question 1: Calculation of Cost of Goods Sold and Ending Inventory under FIFO Method
VIEWSub-Question 2: Calculation of Cost of Goods Sold and Ending Inventory under LIFO Method
VIEWSub-Question 3: Calculation of Cost of Goods Sold and Ending Inventory under Weighted Average Method
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