Problem $5-7$A Periodic: Alternative cost flows P$3$

Seminole Co$.$ began the year with $23,000$ units of product in its January $1$ inventory costing $$15$ each. It

made four purchases of its product during the year as follows. The company uses a periodic inventory

system. On December $31,$ a physical count reveals that $40,000$ units of its product remain in inventory.

A

Required

Check $(2)$ Cost of goods sold: FIFO, $$2,115,000$; LIFO, $$2,499,000$; WA$,$ $$2,310,000$

Mar. $730,000$ units @ $$18$ each

May $2539,000$ units @ $$20$ each

Aug. $123,000$ units @ $$25$ each

Nov. $1035,000$ units @ $$26$ each

$1.$ Compute the number and total cost of the units available for sale during the year.

$2.$ Compute the amounts assigned to ending inventory and the cost of goods sold using $($a$)$ FIFO, $($b$)$ LIFO,

and $($c$)$ weighted average. $($Round all amounts to cents.$)$