Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

*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)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Statements Self Study Guide

Authors: Azhar Ul Haque Sario

1st Edition

979-8223894605

More Books

Students also viewed these Accounting questions