The following information is for the Bloom Company for 2012; the company sells just one product: Units Unit Cost Beginning Inventory 200 $50 Purchases: Feb. 11 500 $54 May 18 400 56 Oct. 23 100 60 At December 31, 2012, there was an ending inventory of 360 units. Assume the use of the periodic inventory 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. Do not round until your final answers. Round your 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.........
The following information is for the Bloom Company for 2012; the company sells just one product: Units Unit Cost Beginning Inventory 200 $50 Purchases: Feb. 11 500 $54 May 18 400 56 Oct. 23 100 60 At December 31, 2012, there was an ending inventory of 360 units. Assume the use of the periodic inventory 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. Do not round until your final answers. Round your 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
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...
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The following information is for the Bloom Company for 2012; the company sells just one product:
| Units | Unit Cost | ||
|---|---|---|---|
| Beginning Inventory | 200 | $50 | |
| Purchases: | Feb. 11 | 500 | $54 |
| May 18 | 400 | 56 | |
| Oct. 23 | 100 | 60 |
At December 31, 2012, there was an ending inventory of 360 units. Assume the use of the periodic inventory 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.
Do not round until your final answers. Round your 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.........
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