Chapter 6 Exercises- Module 1 Accounting 101

Inventory Costing Methods-Periodic Method The following information is for the Bloom Company for 2012; the company sells just one product:

Units Unit Cost

Beginning Inventory Jan. 1 200 $23

Purchases: Feb. 11 500 $27

May 18 400 29

Oct. 23- 100 33

Sales: March 1 - 400

July 1 - 400

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.

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 $