Question

Inventory Costing Methods

VanderMeer Inc. reported the following information for the month of August:

Inventory, August 1		69 units @ $22
Purchase:
August 7		53 units @ $24
August 18		68 units @ $25
August 27		40 units @ $27

During August, VanderMeer sold 150 units. The company uses a periodic inventory system.

Required:

What is the value of ending inventory and cost of goods sold for August under the following assumptions.

Assumption	Cost of Goods Sold	Ending Inventory
1. Of the 150 units sold, 58 cost $22, 37 cost $24, 51 cost $25, and 4 cost $27.	$	$
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.)	$	$

Answer 1