Question
Synergy Company began 2023 with 16,000 units of Product X in its inventory that cost $6.90 per unit, and it purchases of the product
Synergy Company began 2023 with 16,000 units of Product X in its inventory that cost $6.90 per unit, and it purchases of the product as follows: ces Mar. May Aug. 1 7 23,000 units @ 25 28,000 units @ 18,500 units @ $8.40 each $10.40 each $13.60 each Nov. 10 28,000 units @ $15.10 each The company uses a periodic inventory system. On December 31, 2023, a physical count disclosed that 12,000 remained in inventory. Required: 1. Calculate the number and total cost of the units available for sale during 2023. Number of units 113,500 Total cost of the units $1,269,200 13 17 2. Prepare calculations showing the amounts that should be assigned to the 2023 ending inventory and to cost of goods sold, assuming a. FIFO Total cost of the units for sale $ 1,269,200 Less: Ending inventory on a FIFO basis Cost of units sold $ 181,200 1,088,000 Book Print erences b. Weighted average cost basis. (Round the "Average cost per unit" answer to 2 decimal places.) Total cost of the units for sale $ 1,269,200 Less: Ending inventory at weighted-average cost 1,135,040 Cost of units sold $ 134,160
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