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How would you complete the chart for weighted average in reference to the following question? Part 3: Seminole Company began year 2013 with 23,000 units
How would you complete the chart for weighted average in reference to the following question?
Part 3: Seminole Company began year 2013 with 23,000 units of product in its January 1 inventory, at a cost of $15 for each unit. It made successive purchases of its product in year 2013, as follows. The company uses a periodic inventory system. On December 31, 2013, a physical count reveals that 40,000 units of its product remain in inventory. Mar. 7 May 25 Aug. 1 Nov. 10 30,000 units 39,000 units 23,000 units 35,000 units @ $18 each @ $20 each @ $25 each @ $26 each Show all of your work in an Excel spreadsheet for the following tasks: 1. Compute the number and total cost of the units available for sale in year 2013. 2. Compute the amounts assigned to the 2013 ending inventory, and the cost of goods sold for FIFO, LIFO, and weighted average. 3. The 110,000 units sold are $35 each. Prepare comparative income statements for the three inventory costing methods of FIFO, LIFO, and weighted average, which include a detailed cost of goods sold section as part of each statement. (Round your average cost per unit to 2 decimal places.)Step by Step Solution
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