Inventory Costing MethodsPeriodic Method

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	9
	May 18	1,400	12
	October 23	1,100	14
Sales:	March 1	1,400
	July 1	1,400
	October 29	1,200

Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and (a) first-in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Round the cost per unit to 3 decimal places and round your final answers to the nearest dollar.

a.	First-in, First-out:
	Ending Inventory	Answer
	Cost of goods sold	Answer
b.	Last-in, first-out:
	Ending Inventory	Answer
	Cost of goods sold	Answer
c.	Weighted Average
	Ending Inventory	Answer
	Cost of goods sold	Answer