Viper Company began year 2011 with 23,500 units of product in its January 1 inventory costing $15.70 each. It made successive purchases of its product in year 2011 as follows. The company uses a periodic inventory system. On December 31, 2011, a physical count reveals that 42,000 units of its product remain in inventory. Mar.7 35,000 units @ $18.70 each May.25 37,000 units @ $22.70 each Aug.1 27,000 units @ $24.70 each Nov.10 36,500 units @ $27.70 each Required information Required:1.Compute the number and total cost of the units available for sale in year 2011. (Omit the "$" sign in your response.) Number of units available for sale units Cost of the units available for sale$ 4. Required information 2.Compute the amounts assigned to the 2011 ending inventory and the cost of goods sold. (Input all amounts as positive values. Round per unit costs to 3 decimal places. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.) (a) FIFO periodic Total cost of units available for sale$ Less ending inventory on a FIFO basis Cost of units sold$ (b) Weighted average cost periodic Total cost of units available for sale$ Less ending inventory on a weighted average cost Cost of units sold$

Name: Viper Company began year 2011 with 23,500 units of product in its Janu
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Description: Viper Company began year 2011 with 23,500 units of product in its January 1 inventory costing $15.70 each. It made successive purchases of its product in year 2011 as follows. The company uses a periodic inventory system. On December 31, 2011, a phys

First in first out (FIFO) refers to the accounting method in which those assets are disposed off…

Answered: iper Company began year 2011 with…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Viper Company began year 2011 with 23,500 units of product in its January 1 inventory costing $15.70 each. It made successive purchases of its product in year 2011 as follows. The company uses a periodic inventory system. On December 31, 2011, a physical count reveals that 42,000 units of its product remain in inventory.


Mar.	7	35,000 units @ $18.70 each
May.	25	37,000 units @ $22.70 each
Aug.	1	27,000 units @ $24.70 each
Nov.	10	36,500 units @ $27.70 each

Required information

Required:

1.	Compute the number and total cost of the units available for sale in year 2011. (Omit the "$" sign in your response.)


Number of units available for sale		units
Cost of the units available for sale	$

Required information

2.	Compute the amounts assigned to the 2011 ending inventory and the cost of goods sold. (Input all amounts as positive values. Round per unit costs to 3 decimal places. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)

(a) FIFO periodic


Total cost of units available for sale	$
Less ending inventory on a FIFO basis

Cost of units sold	$

(b) Weighted average cost periodic


Total cost of units available for sale	$
Less ending inventory on a weighted average cost

Cost of units sold	$

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