Problem 6-18A Alternative cost flowsperiodic LO8

Synergy Company began 2020 with 17,000 units of Product X in its inventory that cost $7.10 per unit, and it made successive purchases of the product as follows:

Mar.	7		24,000		units	@		$	8.60	each
May	25		29,000		units	@		$	10.60	each
Aug.	1		19,500		units	@		$	13.40	each
Nov.	10		29,000		units	@		$	14.90	each

The company uses a periodic inventory system. On December 31, 2020, a physical count disclosed that 13,000 units of Product X remained in inventory. Required: 1. Calculate 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" answer to 2 decimal places.)