Seminole Company began the year with 25,000 units of product in its January 1 inventory...
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Accounting
Seminole Company began the year with 25,000 units of product in its January 1 inventory costing $16.00 each. It made four purchases of its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 45,000 units of its product remain in inventory.
March 7
38,000 units @ $19.00 each
May 25
40,000 units @ $23.00 each
August 1
30,000 units @ $25.00 each
November 10
38,000 units @ $28.00 each
Required:
Compute the number and total cost of the units available for sale during the year.
Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average.
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