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5 (16 Marks) LO1, LO2 Jupiter Co began year 2020 with 6,300 units of product in its January 1 inventory costing BD35 each. It made
5 (16 Marks) LO1, LO2 Jupiter Co began year 2020 with 6,300 units of product in its January 1 inventory costing BD35 each. It made successive purchases of its product in year 2020 as follows: Jan 4 May 18 Jul 10 Nov 20 10,500 units @ BD33 each 13,000 units @BD32 each 12,000 units @ BD29 each 15,500 units @ BD26 each The company uses a periodic inventory system. On December 31, 2020, a physical count revealed that 16,600 units of its product remain in inventory. Required: Compute the amounts assigned to the 2020 ending inventory and the cost of goods sold using FIFO
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