Question

The following information is for the Vista Company, the company sells just one product: 19 My Subscri Beginning Inventory: Jan. 1 Purchases: Feb. 11 May 18 Oct. 23 Sales March 1 July 1 Units Unit Cost 200 $10 500 14 17 100 18 400 380 Calculate the value of ending inventory and cost of goods sold using the periodic method and (a) first-in, first-out, (b) last.in, first-out, and (c) weighted average cost method. Do not round until your final answers. Round your final answers to the nearest dollar. 7,240 10,360 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 5.080 12,520 6,674 M 10,928

Answer 1

Computation of Ending Inventory - Periodic Weighted Avg Method Units Cost Product Beginning Inventory Jan-01 200 $ 10 $ 2,000 Purchases Feb-11 500 $ 14 $ 7,000 May-18 400 $ 17 $ 6,800 Oct-23 100 $ 18 $ 1,800 Totals 1200 $ 17,600 Weighted Average = Total Product / Total Units $ 17,600 / 1200 $ 14.67 = Ending Inventory = Cost of Goods sold = 420 units x $14.67 780 units x $14.67 = $ $ 6,160 11,440 Ending Inventory Cost of Goods sold $ 6,160 $ 11,440

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