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Seminole Company began the year with 2 3 , 0 0 0 units of product in its January 1 inventory costing $ 1 5 each.
Seminole Company began the year with units of product in its January inventory costing $ each. It made four purchases of
its product during the year as follows. The company uses a periodic inventory system. On December a physical count reveals that
units of its product remain in inventory.
Required:
Compute the number and total cost of the units available for sale during the year.
Compute the amounts assigned to ending inventory and the cost of goods sold using a FIFO, b LIFO, and c weighted
average.
Compute the number and total cost of the units available for sale during the year.
Compute the amounts assigned to ending inventory and the cost of goods sold using a FIFO, b LIFO, and c weighted
average.
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