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Synergy Company began 2023 with 21,000 units of Product X in its inventory that cost $7.90 per unit, and it made successive purchases of the product as follows: Mar. May Aug. Nov. 7 28,000 units @ $9.40 each 25 33,000 units @ $11.40 each 1 23,500 units @ $12.40 each. 10 33,000 units @ $13.90 each The company uses a periodic inventory system. On December 31, 2023, a physical count disclosed that 17,000 units of Product X remained in inventory. Required: 1. Calculate the number and total cost of the units available for sale during 2023. Number of units Total cost of the units

Synergy Company began 2023 with 21,000 units of Product X in its inventory that cost $7.90 per unit, and it made successive purchases of the product as follows: Mar. May Aug. Nov. 7 28,000 units @ $9.40 each 25 33,000 units @ $11.40 each 1 23,500 units @ $12.40 each. 10 33,000 units @ $13.90 each The company uses a periodic inventory system. On December 31, 2023, a physical count disclosed that 17,000 units of Product X remained in inventory. Required: 1. Calculate the number and total cost of the units available for sale during 2023. Number of units Total cost of the units

FINANCIAL ACCOUNTING
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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2. Prepare calculations showing the amounts that should be assigned to the 2023 ending inventory and to cost of goods sold, assuming: a. FIFO Total cost of the units for sale Cost of units sold b. Weighted average cost basis. (Round the "Average cost per unit" answer to 2 decimal places.) Total cost of the units for sale Cost of units sold
Transcribed Image Text:2. Prepare calculations showing the amounts that should be assigned to the 2023 ending inventory and to cost of goods sold, assuming: a. FIFO Total cost of the units for sale Cost of units sold b. Weighted average cost basis. (Round the "Average cost per unit" answer to 2 decimal places.) Total cost of the units for sale Cost of units sold
Synergy Company began 2023 with 21,000 units of Product X in its inventory that cost $7.90 per unit, and it made successive purchases of the product as follows: Mar. May Aug. Nov. 7 28,000 units @ $ 9.40 each 25 units @ $11.40 each 33,000 23,500 units @ $12.40 each units @ $13.90 each 1 10 33,000 The company uses a periodic inventory system. On December 31, 2023, a physical count disclosed that 17,000 units of Product X remained in inventory. Required: 1. Calculate the number and total cost of the units available for sale during 2023. Number of units Total cost of the units
Transcribed Image Text:Synergy Company began 2023 with 21,000 units of Product X in its inventory that cost $7.90 per unit, and it made successive purchases of the product as follows: Mar. May Aug. Nov. 7 28,000 units @ $ 9.40 each 25 units @ $11.40 each 33,000 23,500 units @ $12.40 each units @ $13.90 each 1 10 33,000 The company uses a periodic inventory system. On December 31, 2023, a physical count disclosed that 17,000 units of Product X remained in inventory. Required: 1. Calculate the number and total cost of the units available for sale during 2023. Number of units Total cost of the units
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