Crown Company began a year with 850 units of Product A in its inventory that cost \(\$ 85\) each, and it made successive purchases of the product as follows:

The company uses a periodic inventory system. On December 31, a physical count disclosed that 2,000 units of Product A remained in inventory.
\section*{Required}
1. Prepare a calculation showing the number and total cost of the units that were for sale during the year.
2. Prepare calculations showing the amounts that should be assigned to the ending inventory and to cost of goods sold assuming

(a) a FIFO basis,

(b) a LIFO basis, and

(c) a weighted-average cost basis. Round your calculation of the weighted-average cost per unit to three decimal places.

Transcribed Image Text:

Apr. 11,500 units @ $85 each June 10 1,750 units @ $90 each Aug. 29 1,200 units @ $95 each Nov. 15 1,500 units @ $90 each