eminole Company began the year with 23,000 units of product in its January 1 inventory costing $15 each. It made four purchases s product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 0,000 units of its product remain in inventory. March 7 May 25 August 1 November 10 30,000 units @ $18 each 39,000 units @ $20 each 23,000 units @ $25 each 35,000 units @ $26 each tequired: 1. Compute the number and total cost of the units available for sale during the year. 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. Complete this question by entering your answers in the tabs below.
eminole Company began the year with 23,000 units of product in its January 1 inventory costing $15 each. It made four purchases s product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 0,000 units of its product remain in inventory. March 7 May 25 August 1 November 10 30,000 units @ $18 each 39,000 units @ $20 each 23,000 units @ $25 each 35,000 units @ $26 each tequired: 1. Compute the number and total cost of the units available for sale during the year. 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. Complete this question by entering your answers in the tabs below.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted
average.
Total cost of units available for sale
Less ending inventory
Cost of goods sold
(a)
FIFO Periodic
(b)
LIFO
Periodic
< Required 1
(c)
Weighted Average
Periodic
Required 2 >

Transcribed Image Text:Seminole Company began the year with 23,000 units of product in its January 1 Inventory costing $15 each. It made four purchases of
its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that
40,000 units of its product remain in inventory.
March 7
May 25
August 1
November 10
30,000 units @ $18 each
39,000 units @ $20 each
23,000 units @ $25 each
35,000 units @ $26 each
Required:
1. Compute the number and total cost of the units available for sale during the year.
2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted
average.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Compute the number and total cost of the units available for sale during the year.
Total units available for sale
Total cost of units available for sale
units
< Required 1
Required 2 >
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