Inventory Costing Methods-Perpetual Method Using the data in P6-8A, assume that Porter Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold at year-end using the perpetual method and

(a) first-in, first-out,

(b) last-in, first-out, 

(c) weighted-average cost method. 

Round the cost per unit to 3 decimal places and round your final answers to the nearest dollar. If the net realizable value of the inventory at year-end is \(\$ 15\), how will the cost of goods sold under each method be affected?

Problem P6-8A

The following data are for the Porter Corporation, which sells just one product:

Units Unit Cost Beginning inventory, January 1 1,200 $ 8 Purchases February 11 1,500 May 18. 1,400 12 892 Sales October 23 March 1... July 1 October 29 1,100 14 1,400 1,400 1,200