Question

I need the two blank boxes answered with the solutions

Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October 1 58 units @ $20 Purchase: October 7 49 units @ $21 October 18 70 units @ $22 October 27 39 units @ $24 During October, VanderMeer sold 140 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 140 units sold, 49 cost $20, 34 cost $21, 53 cost $22, and 4 cost $24. $ 2,956 → 1,709 2. FIFO $ 2,915 $ 1,750 3. LIFO $ Х $ Х 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.) IA 3,024 1,641

Answer 1

Units in ending inventory = Units available for sale - Units sold = (58+49+70+39) - 140 = 76 units

	Cost of Goods Sold	Ending inventory
Lifo	= (39*24)+(70*22)+(31*21) = 3127	= (58*20)+(76-58)*21 = 1538

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