Viper Company began year 2020 with 23,000 units of product in its January 1 inventory costing $15.60 each. It made successive purchases of its product in year 2020 as follows. The company uses a periodic inventory system. On December 31, 2020, a physical count reveals that 41,000 units of its product remain in inventory. Mar. 7 34,000 units @ $18.60 each May 25 36,000 units @ $22.60 each Aug. 1 26,000 units @ $24.60 each Nov. 10 36,000 units @ $27.60 each Required: 1. Compute the number and total cost of the units available for sale during in year 2020. 2. Compute the amounts assigned to 2020 ending inventory and the cost of goods sold using (a) FIFO and (b) weighted average cost. 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 in year 2020. Total units available for sale Total cost of units available for sale units < Required 1 Required 2 >
Viper Company began year 2020 with 23,000 units of product in its January 1 inventory costing $15.60 each. It made successive purchases of its product in year 2020 as follows. The company uses a periodic inventory system. On December 31, 2020, a physical count reveals that 41,000 units of its product remain in inventory. Mar. 7 34,000 units @ $18.60 each May 25 36,000 units @ $22.60 each Aug. 1 26,000 units @ $24.60 each Nov. 10 36,000 units @ $27.60 each Required: 1. Compute the number and total cost of the units available for sale during in year 2020. 2. Compute the amounts assigned to 2020 ending inventory and the cost of goods sold using (a) FIFO and (b) weighted average cost. 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 in year 2020. Total units available for sale Total cost of units available for sale units < Required 1 Required 2 >
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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![Viper Company began year 2020 with 23,000 units of product in its January 1 inventory costing $15.60 each. It made successive
purchases of its product in year 2020 as follows. The company uses a periodic inventory system. On December 31, 2020, a physical
count reveals that 41,000 units of its product remain in inventory.
Mar. 7 34,000 units @ $18.60 each
May 25 36,000 units @ $22.60 each
Aug. 1 26,000 units @ $24.60 each
Nov. 10 36,000 units @ $27.60 each
Required:
1. Compute the number and total cost of the units available for sale during in year 2020.
2. Compute the amounts assigned to 2020 ending inventory and the cost of goods sold using (a) FIFO and (b) weighted average cost.
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 in year 2020.
Total units available for sale
Total cost of units available for sale
units
Required 1
Required 2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2ed5e6c-0d63-4e2f-81c7-ef354af209b5%2Fd27737a1-84bd-4db0-a115-0d6b7c28b24b%2F5r0hxgf_processed.png&w=3840&q=75)
Transcribed Image Text:Viper Company began year 2020 with 23,000 units of product in its January 1 inventory costing $15.60 each. It made successive
purchases of its product in year 2020 as follows. The company uses a periodic inventory system. On December 31, 2020, a physical
count reveals that 41,000 units of its product remain in inventory.
Mar. 7 34,000 units @ $18.60 each
May 25 36,000 units @ $22.60 each
Aug. 1 26,000 units @ $24.60 each
Nov. 10 36,000 units @ $27.60 each
Required:
1. Compute the number and total cost of the units available for sale during in year 2020.
2. Compute the amounts assigned to 2020 ending inventory and the cost of goods sold using (a) FIFO and (b) weighted average cost.
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 in year 2020.
Total units available for sale
Total cost of units available for sale
units
Required 1
Required 2 >
![Required 1 Required 2
Compute the amounts assigned to 2020 ending inventory and the cost of goods sold using (a) FIFO and (b) weighted average
cost. (Do not round intermediate calculations. Round the final answers to nearest whole dollars.)
Total cost of units available for sale
Less ending inventory
Cost of units sold
(a)
FIFO
Periodic
(b)
Weighted Average
Cost Periodic
< Required 1
Required 2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2ed5e6c-0d63-4e2f-81c7-ef354af209b5%2Fd27737a1-84bd-4db0-a115-0d6b7c28b24b%2Fiz7nf4c_processed.png&w=3840&q=75)
Transcribed Image Text:Required 1 Required 2
Compute the amounts assigned to 2020 ending inventory and the cost of goods sold using (a) FIFO and (b) weighted average
cost. (Do not round intermediate calculations. Round the final answers to nearest whole dollars.)
Total cost of units available for sale
Less ending inventory
Cost of units sold
(a)
FIFO
Periodic
(b)
Weighted Average
Cost Periodic
< Required 1
Required 2 >
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