Inventory Costing Methods Vander Meer Inc. reported the following information for the month of…

Inventory Costing Methods Vander Meer Inc. reported the following information for the month of…

Inventory Costing Methods

Vander Meer Inc. reported the following information for the month of February:

During February, Vander Meer sold 140 units. The company uses a periodic inventory system.

Required

What is the value of ending inventory and cost of goods sold for February under the following assumptions:

1. Of the 140 units sold, 55 cost $20, 35 cost $22, 45 cost $23, and 5 cost $24.

2. FIFO

3. LIFO

4. Weighted average

 

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