Chapter 6 Exercises- Module 2 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 200 $150

Purchases: Feb. 11 500 $154

May 18 400 156

Oct. 23 100 160

At December 31, 2012, there was an ending inventory of 360 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method.

Do not round until your final answers. Round your 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 $

Cost of goods sold $