Walker Corporation Uses the Periodic Inventory Method and Had the Following

Essay

Walker Corporation uses the periodic inventory method and had the following inventory information available:
$$\begin{array} { | l | l | r | r | r | } \hline & & \text { Units } & \text { Unit Cost } & \text { Total Cost } \\\hline \text { Jan. 1 } & \text { Beginning inventory } & 15 & \$ 4.00 & \$ 60 \\\hline 20 & \text { Purchase } & 60 & 4.40 & 264 \\\hline \text { July 25 } & \text { Purchase } & 30 & 4.20 & 126 \\\hline \text { Oct. 20 } & \text { Purchase } & 45 & 4.80 & 216 \\\hline & & \underline { 150 } & & \$ 666 \\\hline\end{array}$$
A physical count of inventory on December 31 revealed that there were 50 units on hand. Requirements: Answer the following independent questions and show calculations supporting your answers.
1. Assume that the company uses FIFO. The value of the ending inventory at December 31 is $__________.
2. Assume that the company uses average cost. The value of the ending inventory on December 31 is $__________.
3. Assume that the company uses average cost. The value of cost of goods sold on December 31 is $__________.
4. Assume that the company uses FIFO . The value of the cost of goods sold on December 31 is $__________