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 | $13 |
| Purchases: | Feb. 11 | 500 | $17 |
| May 18 | 400 | 19 | |
| Oct. 23 | 100 | 23 | |
| 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 | $ | |
| Cost of goods sold | $ |
