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Viper Company began year 2011 with 20,000 units of product in its January 1 inventory costing $15 each. It made successive purchases of its product
Viper Company began year 2011 with 20,000 units of product in its January 1 inventory costing $15 each. It made successive purchases of its product in year 2011 as follows. The company uses a periodic inventory system. On December 31, 2011, a physical count reveals that 35,000 units of its product remain in inventory. Mar. 7 28,000 units @ $18 each May. 25 30,000 units @ $22 each Aug. 1 20,000 units @ $24 each Nov. 10 33,000 units @ $27 each 7.value: Required: 1. Compute the number and total cost of the units available for sale in year 2011. (Omit the "$" sign in your response.) Number of units available for sale units Cost of the units available for sale $ 8.value: 2. Compute the amounts assigned to the 2011 ending inventory and the cost of goods sold. (Input all amounts as positive values. Round per unit costs to 3 decimal places. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.) (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 on a weighted average Cost of units sold $
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