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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
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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