iper Company began year 2011 with 20,500 units of product in its January 1 inventory costing $15.10 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 36,000 units of its product remain in inventory.

Mar.	7	29,000 units @ $18.10 each
May.	25	31,000 units @ $22.10 each
Aug.	1	21,000 units @ $24.10 each
Nov.	10	33,500 units @ $27.10 each

3.

value: 4.00 points

Required information

Required:

1.	Compute the number and total cost of the units available for sale in year 2011. (Omit the "$" sign in your response.)

Number of units available for sale		units
Cost of the units available for sale	$

4.

value: 16.00 points

Required information

2.	Compute the amounts assigned to the 2011 ending inventory and the cost of goods sold. (Input all amounts as positive values. Round per unit costs to 3 decimal places. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)

(a) FIFO periodic

Total cost of units available for sale	$
Less ending inventory on a FIFO basis
Cost of units sold	$

(b) Weighted average cost periodic

Total cost of units available for sale	$
Less ending inventory on a weighted average cost
Cost of units sold	$

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