Synergy Company began 2023 with 15,000 units of Product X in its inventory that cost $6.70...

 

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Synergy Company began 2023 with 15,000 units of Product X in its inventory that cost $6.70 per unit, and it made successive purchases of the product as follows: Mar. May Aug. 7 22,000 units @ $ 8.20 each 25 27,000 units @ $10.20 each 1 17,500 units @ Nov. 10 27,000 units @ $13.80 each $15.30 each ces The company uses a periodic inventory system. On December 31, 2023, a physical count disclosed that 11,000 units of Product X remained in inventory. Required: 1. Calculate the number and total cost of the units available for sale during 2023. Number of units Total cost of the units 2. Prepare calculations showing the amounts that should be assigned to the 2023 ending inventory and to cost of goods sold, assuming: a. FIFO Synergy Company began 2023 with 15,000 units of Product X in its inventory that cost $6.70 per unit, and it made successive purchases of the product as follows: Mar. May Aug. 7 22,000 units @ $ 8.20 each 25 27,000 units @ $10.20 each 1 17,500 units @ Nov. 10 27,000 units @ $13.80 each $15.30 each ces The company uses a periodic inventory system. On December 31, 2023, a physical count disclosed that 11,000 units of Product X remained in inventory. Required: 1. Calculate the number and total cost of the units available for sale during 2023. Number of units Total cost of the units 2. Prepare calculations showing the amounts that should be assigned to the 2023 ending inventory and to cost of goods sold, assuming: a. FIFO

Answer rating: 100% (QA)

Synergy Company Inventory Analysis 1 Units and Total Cost Available for Sale Date Units Purchased Un... View the full answer