Check Problem 6-7AA Periodic: Alternative cost flows LO P3 Seminole Company bega
ID: 2550301 • Letter: C
Question
Check Problem 6-7AA Periodic: Alternative cost flows LO P3 Seminole Company began year 2017 with 29,000 units of product in its January 1 inventory costing $16.80 each. It made successive purchases of its product in year 2017 as follows. The company uses a periodic inventory system. On December 31, 2017, a physical count reveals that 53,000 units of its product remain in inventory. Mar. 7 46, 000 units @ $19.80 each May 25 48, 000 units $23.80 each Aug. 1 38, 000 units $25.80 each Nov. 10 42,000 units $28.80 each Required: 1. Compute the number and total cost of the units available for sale in year 2017 2. Compute the amounts assigned to the 2017 ending inventory and the cost of goods sold using (a) FIFO, (b] LIFO, and (a weighted average Complete this questions by entering your answers in the tabs below. Compute the number and total cost of the units available for sale in year 2017 Prey 1 of1 NextExplanation / Answer
Units Unit cost Total Jan 1 inv. 29000 16.8 487200 7-Mar 46000 19.8 910800 25-May 48000 23.8 1142400 1-Aug 38000 25.8 980400 10-Nov 42000 28.8 1209600 Total 203000 4730400 1 Total units avilable for sale=203000 Total cost of units avilable for sale=$4730400 2 FIFO LIFO Weighted average Total cost of units avilable for sale 4730400 4730400 4730400 Less: Ending inventory 1493400 962400 1235031 Cost of units sold 3237000 3768000 3495369