Problem 6-7AA Periodic: Alternative cost flows LO P3

Seminole Company began year 2017 with 23,000 units of product in its January 1 inventory costing $15.60 each. It made successive purchases of its product in year 2017 as follows. The company uses a periodic inventory system. On December 31, 2017, a physical count reveals that 41,000 units of its product remain in inventory.

Mar.	7	34,000 units @ $18.60 each
May	25	36,000 units @ $22.60 each
Aug.	1	26,000 units @ $24.60 each
Nov.	10	36,000 units @ $27.60 each

Required: 1. Compute the number and total cost of the units available for sale in year 2017. 2. Compute the amounts assigned to the 2017 ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average.

Problem 6-7AA Periodic: Alternative cost flows LO P3

Seminole Company began year 2017 with 23,000 units of product in its January 1 inventory costing $15.60 each. It made successive purchases of its product in year 2017 as follows. The company uses a periodic inventory system. On December 31, 2017, a physical count reveals that 41,000 units of its product remain in inventory.

Mar.	7	34,000 units @ $18.60 each
May	25	36,000 units @ $22.60 each
Aug.	1	26,000 units @ $24.60 each
Nov.	10	36,000 units @ $27.60 each

Required: 1. Compute the number and total cost of the units available for sale in year 2017. 2. Compute the amounts assigned to the 2017 ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average.