Problem 6-18A Alternative cost flowsperiodic LO8 Synergy Company began 2020 with 14,500 units of Product...
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Accounting
Problem 6-18A Alternative cost flowsperiodic LO8
Synergy Company began 2020 with 14,500 units of Product X in its inventory that cost $6.90 per unit, and it made successive purchases of the product as follows:
Mar.
7
21,500
units
@
$
8.10
each
May
25
26,500
units
@
$
10.10
each
Aug.
1
17,000
units
@
$
13.90
each
Nov.
10
26,500
units
@
$
15.40
each
The company uses a periodic inventory system. On December 31, 2020, a physical count disclosed that 10,500 units of Product X remained in inventory. Required: 1. Calculate the number and total cost of the units available for sale during 2020.
2. Prepare calculations showing the amounts that should be assigned to the 2020 ending inventory and to cost of goods sold, assuming: a. FIFO
b. Weighted average cost basis. (Round the "Average cost per unit" answer to 2 decimal places.)
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