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Seminole Company began the year with 25,000 units of product in its January 1 inventory costing $16.00 each. It made four purchases of its product
Seminole Company began the year with 25,000 units of product in its January 1 inventory costing $16.00 each. It made four purchases of its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 45,000 units of its product remain in inventory.
March 7 | 38,000 units @ $19.00 each |
---|---|
May 25 | 40,000 units @ $23.00 each |
August 1 | 30,000 units @ $25.00 each |
November 10 | 38,000 units @ $28.00 each |
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.
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