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Synergy Company began 2020 with 14,000 units of Product X in its inventory that cost $720 per unit, and it made successive purchases of the
Synergy Company began 2020 with 14,000 units of Product X in its inventory that cost $720 per unit, and it made successive purchases of the product as follows: Mar. May Aug Nov. 7 21,000 units @ $ 8.00 each 25 26,000 units @ $10.00 each 116,500 units @ $14.00 each 10 26,000 units @ $15.50 each The company uses a periodic inventory system. On December 31, 2020, a physical count disclosed that 10,000 units of Product X remained in inventory Required: 1. Calculate the number and total cost of the units available for sale during 2020, Number of units Total cost of the units 2. Prepare calculations showing the amounts that should be assigned to the 2020 ending inventory and to cost of goods sold, assuming a. FIFO Total cost of the units for sale Cost of units sold b. Weighted average cost basis. (Round the "Average cost per unit" answer to 2 decimal places.) Total cost of the units for sale Cost of units sold
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