Bonaire Co began 2017 with 6,300 units of Product B in its inventory that cost $68 each, and it made successive purchases of the product as follows The company uses a periodic inventory system On December 31, 2017, a physical count disclosed that 16,500 units of Product B remained in inventory Requ...

1 Cost of units available for sale 6300 units in beginning inventory 68 428400 10500 unit ...

Bonaire Co. began 2017 with 6,300 units of Product B in its inventory that cost $68 each,

Question:

Bonaire Co. began 2017 with 6,300 units of Product B in its inventory that cost $68 each, and it made successive purchases of the product as follows:
10,500 units 13,000 units 12,000 units 15,500 units Jan. $65 each $62 each $59 each $56 each 4. May 18.. 9. July Nov. 21

10,500 units 13,000 units 12,000 units 15,500 units Jan. $65 each $62 each $59 each $56 each 4. May 18.. 9. July Nov. 21

The company uses a periodic inventory system. On December 31, 2017, a physical count disclosed that 16,500 units of Product B remained in inventory.

Required
1. Prepare a calculation showing the number and total cost of the units available for sale during the year.
2. Prepare calculations showing the amounts that should be assigned to the ending inventory and to cost of goods sold assuming:
a. FIFO

b. Weighted average cost basis (round the average unit cost to two decimal places).

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...