Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory,...
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Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October 1 70 units @ $26 Purchase: October 7 57 units @ $27 October 18 63 units @ $28 October 27 48 units @ $29 During October, VanderMeer sold 151 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 151 units sold, 59 cost $26, 40 cost $27, 47 cost $28, and 5 cost $29. $ 4,075 $ 2,440 2. FIFO $ X 3. LIFO $ 4. Weighted average method (Round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar.)
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