90.2K

Verified Solution

Link Copied!

Seminole Company began the year with 26,000 units of product in its January 1 inventory costing $16.20 each. It made purchases of its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 47,000 units of its product remain in inventory. Mar. 740,000 units @ $19.20 each May 25 42,000 units @ $23.20 each Aug. 132,000 units @ $25.20 each Nov. 10 39,000 units @ $28.20 each Required: 1. Compute the number and total cost of the units available for sale during the year. 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (C) weighted average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number and total cost of the units available for sale during the year. Total units available for sale Total cost of units available for sale 153,000 units $ 4,069,800 Required 1 Required 2 > Required: 1. Compute the number and total cost of the units available for sale during the year. 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (C) weighted average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. (Do not round intermediate calculations. Round the final answers to nearest whole dollars.) (b) Total cost of units available for sale Less ending inventory Cost of units sold (a) (c) FIFO Periodic LIFO Periodic Weighted Average Periodic $ 4,069,800 1,301,400 $ 2,768,400 $ 0 $ 0

Answer & Explanation Solved by verified expert

See Answer