Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Please do not give solution in image format thanku 

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 >
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 >
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 >
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS