Problem 5-7A (Algo) Periodic: Alternative cost flows LO P1Seminole Company began the year with 21,500 units of product in its January 1 inventory costing $15.30 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 38,000 units of its product remain in inventory.March 731,000 units @ $18.30 eachMay 2533,000 units @ $22.30 eachAugust 123,000 units @ $24.30 eachNovember 1034,500 units @ $27.30 eachRequired:Compute the number and total cost of the units available for sale during the year.Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. Complete this question by entering your answers in the tabs below.Required 1 Required 2Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weightedaverage.Note: Do not round intermediate calculations. Round the final answers to nearest whole dollars.Total cost of units available for saleLess ending inventoryCost of goods sold(a)FIFO Periodic$(b)LIFO Periodic2,803,9501,026,9001,777,050 $< Required 1(c)Weighted AveragePeriodic0 $Required 2 >0 Problem 5-7A (Algo) Periodic: Alternative cost flows LO P1Seminole Company began the year with 21,500 units of product in its January 1 inventory costing $15.30 each. It made four purchasesof its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count revealsthat 38,000 units of its product remain in inventory.March 7May 25August 1November 1031,000 units @ $18.30 each33,000 units @ $22.30 each23,000 units @ $24.30 each34,500 units @ $27.30 eachRequired: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) weightedaverage.Complete this question by entering your answers in the tabs below.Required 1 Required 2Compute the number and total cost of the units available for sale during the year.Total units available for saleTotal cost of units available for sale$121,500 units1,858,950< Required 1Required 2 >

Name: Problem 5-7A (Algo) Periodic: Alternative cost flows LO P1Seminole Com
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Description: Problem 5-7A (Algo) Periodic: Alternative cost flows LO P1Seminole Company began the year with 21,500 units of product in its January 1 inventory costing $15.30 each. It made four purchases of its product during the year as follows. The company uses

Answer : Compute the number and total cost of units available for sales : Units Unit cost Total…

Answered: pany began the year with 21,500 units…

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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Problem 5-7A (Algo) Periodic: Alternative cost flows LO P1

Seminole Company began the year with 21,500 units of product in its January 1 inventory costing $15.30 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 38,000 units of its product remain in inventory.

March 7	31,000 units @ $18.30 each
May 25	33,000 units @ $22.30 each
August 1	23,000 units @ $24.30 each
November 10	34,500 units @ $27.30 each

Required:

Compute the number and total cost of the units available for sale during the year.
Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average.

Problem 5-7A (Algo) Periodic: Alternative cost flows LO P1
Seminole Company began the year with 21,500 units of product in its January 1 inventory costing $15.30 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 38,000 units of its product remain in inventory.
March 7
May 25
August 1
November 10
31,000 units @ $18.30 each
33,000 units @ $22.30 each
23,000 units @ $24.30 each
34,500 units @ $27.30 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
$
121,500 units
1,858,950
< Required 1
Required 2 >

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