Question

Seminole Company began year 2013 with 23,000 units of product in its January 1 inventory costing $ 15 each. It made successive purchases of its product in year 2013 as follows. The company uses a periodic inventory system. On December 31, 2013, a physical count reveals that 40,000 units of its product remain in inventory.
Mar. 7 . . . . . . . . 30,000 units @ $ 18.00 each
May 25 . . . . . . . . 39,000 units @ $ 20.00 each
Aug. 1 . . . . . . . . 23,000 units @ $ 25.00 each
Nov. 10 . . . . . . . . 35,000 units @ $ 26.00 each

Required
1. Compute the number and total cost of the units available for sale in year 2013.
2. Compute the amounts assigned to the 2013 ending inventory and the cost of goods sold using
(a) FIFO,
(b) LIFO,
(c) Weighted average. (Round all amounts to dollars and cents.)



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  • CreatedNovember 26, 2013
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