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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