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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. Required: 1. Compute the number and total cost of the units available for sale during the year. 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. Complete this question by entering your answers in the tabs below. 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. Note: Do not round intermediate calculations. Round the final answers to nearest whole dollars
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