Calculate the value of ending inventory and cost of goods

Reference no: EM13581001

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.

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

Reference no: EM13581001

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