Viper Company began year 2005 with 20,000 units of product in its January 1 inventory costing $15 each. It made successive purchases of its product in year 2005 as follows:

The company uses a periodic inventory system. On December 31, 2005, a physical count reveals that 35,000 units of its product remain in inventory.
Required 1. Compute the number and total cost of the units available for sale in year 2005.
2. Compute the amounts assigned to the 2005 ending inventory and the cost of goods sold using

(a) FIFO,

(b) LIFO, and

(c) weighted average.

Transcribed Image Text:

Mar. 7... 28,000 units @ $18 each May 25... 30,000 units @ $22 each Aug. I 20,000 units @ $24 each Nov. 10 33,000 units @ $27 each