Seneca Co. began year 2013 with 6,500 units of product

Seneca Co. began year 2013 with 6,500 units of product in its January 1 inventory costing $ 35 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 8,500 units of its product remain in inventory.

Jan. 4 . . . . . . . . 11,500 units @ $ 33 each

May 18 . . . . . . . . 13,400 units @ $ 32 each

July 9 . . . . . . . . 11,000 units @ $ 29 each

Nov. 21 . . . . . . . . 7,600 units @ $ 27 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.)


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 =...

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