Question: Inventory Costing Methods-Periodic Method The following information is for the Bloom Company for 2012; the company sells just one product: Beginning Inventory Jan. 1 Purchases:

Inventory Costing Methods-Periodic Method The following information is for the Bloom Company for 2012; the company sells just one product: Beginning Inventory Jan. 1 Purchases: Feb. 11 May 18 Oct. 23 Sales: March 1 July 1 Units Unit Cost 200 $17 500 $21 400 23 100 27 400 400 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 $ Cost of goods sold $
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
