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*Problem 6-18A Alternative cost flows-periodic LO8 CHECK FIGURES: 2. Cost of goods sold; a. $1,191,500; b. $1,231,250 Synergy Company began 2020 with 19,000 units of
*Problem 6-18A Alternative cost flows-periodic LO8 CHECK FIGURES: 2. Cost of goods sold; a. $1,191,500; b. $1,231,250 Synergy Company began 2020 with 19,000 units of Product X in its inventory that cost $7.50 per unit, and it made successive purchases of the product as follows: Mar 7. May 25 Aug. 1. Nov. 10... 26,000 units B 31,000 units 21,500 units @ 31,000 units $ 9.00 each G $11.00 each $12.00 each $13.50 each The company uses a periodic inventory system. On December 31, 2020, a physical count disclosed that 15,000 units of Product X remained in inventory. Required 1. Prepare a calculation showing the number and total cost of the units available for sale during 2020. 2. Prepare calculations showing the amounts that should be assigned to the 2020 ending inventory and to cost of goods sold, assuming: a. FIFO b. Weighted average cost basis (round the average cost per unit to two decimal places)
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