Seminole Company began year 2017 with 20,000 units of product in its January 1 inventory costing $15.00 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 35,000 units of its product remain in inventory. Mar. 7 28,000 units @ $18.00 each May 25 30,000 units @ $22.00 each Aug. 1 20,000 units @ $24.00 each Nov. 10 33,000 units @ $27.00 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 (c) weighted
Seminole Company began year 2017 with 20,000 units of product in its January 1 inventory costing $15.00 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 35,000 units of its product remain in inventory. Mar. 7 28,000 units @ $18.00 each May 25 30,000 units @ $22.00 each Aug. 1 20,000 units @ $24.00 each Nov. 10 33,000 units @ $27.00 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 (c) weighted
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Problem 6-7AA Periodic: Alternative cost flows
LO P3
Seminole Company began year 2017 with
20,000 units of product in its January 1
inventory costing $15.00 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 35,000 units of its
product remain in inventory.
Mar. 7 28,000 units @ $18.00 each
May 25 30,000 units @ $22.00 each
Aug. 1
20,000 units @ $24.00 each
Nov. 10 33,000 units @ $27.00 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 (c) weighted
average.
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