Solaris Co. began year 2011 with 39,000 units of product in its January 1 inventory costing $21 each. It made successive purchases of its product in year 2011 as follows. The company uses a periodic inventory system. On December 31, 2011, a physical count reveals that 40,000 units of its product remain in inventory.
Jan. 4 . . . . . . . . . . . 34,000 units @ $20 each
May 18 . . . . . . . . . 32,000 units @ $19 each
July 9 . . . . . . . . . . 18,000 units @ $16 each
Nov. 21 . . . . . . . . 36,000 units @ $14 each
Required
1. Compute the number and total cost of the units available for sale in year 2011.
2. Compute the amounts assigned to the 2011 ending inventory and the cost of goods sold using (a) FIFO,
(b) LIFO,
(c) Weighted average. (Round per unit costs to three decimals, but inventory balances to the dollar.)