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Inventory Costing Methods-Periodic Method The following information is for the Bloom Company for 2012; the company...

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 200 $11
Purchases: Feb. 11 500 $15
May 18 400 17
Oct. 23 100 21

At December 31, 2012, there was an ending inventory of 360 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method.

Do not round until your final answers. Round your 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

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Expert Solution

ekkarill92 answered 1 year ago
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