Seminole Company began year 2013 with 23,000 units of product in its January 1 inventory costing $15 each. It made successive purchases of its product in year 2013 as follows. The company uses a periodic inventory system. On December 31, 2013, a physical count reveals that 40,000 units of its product remain in inventory.

Mar.

7

30,000 units @ $18 each

May

25

39,000 units @ $20 each

Aug.

1

23,000 units @ $25 each

Nov.

10

35,000 units @ $26 each

Compute the number and total cost of the units available for sale in year 2013.

Total units available for sale		units
Total cost of units available for sale

2.	Compute the amounts assigned to the 2013 ending inventory and the cost of goods sold.

(a)

FIFO periodic

Total cost of units available for sale
Less ending inventory on a FIFO basis
Cost of units sold

(b)

LIFO periodic

Total cost of units available for sale
Less ending inventory on a LIFO basis
Cost of units sold

(c)

Weighted average periodic

Total cost of units available for sale
Less ending inventory - weighted average
Cost of units sold