Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Viper Company began year 2020 with 22,000 units of product in its January 1 inventory costing $15.40 each. It made successive purchases of its product

image text in transcribedimage text in transcribed

Viper Company began year 2020 with 22,000 units of product in its January 1 inventory costing $15.40 each. It made successive purchases of its product in year 2020 as follows. The company uses a periodic inventory system. On December 31, 2020, a physical count reveals that 39,000 units of its product remain in inventory. Mar. May Aug. Nov. 7 32,000 units @ $18.40 each 25 34,000 units @ $22.40 each 1 24,000 units @ $24.40 each 10 35,000 units @ $27.40 each Required: 1. Compute the number and total cost of the units available for sale during in year 2020. 2. Compute the amounts assigned to 2020 ending inventory and the cost of goods sold using (a) FIFO and (b) weighted average cost. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number and total cost of the units available for sale during in year 2020. Total units available for sale units Total cost of units available for sale Required 1 Required 2 > Viper Company began year 2020 with 22,000 units of product in its January 1 inventory costing $15.40 each. It made successive purchases of its product in year 2020 as follows. The company uses a periodic inventory system. On December 31, 2020, a physical count reveals that 39,000 units of its product remain in inventory Mar. May Aug. Nov. 7 32,000 units @ $18.40 each 25 34,000 units @ $22.40 each 1 24,000 units @ $24.40 each 10 35,000 units @ $27.40 each Required: 1. Compute the number and total cost of the units available for sale during in year 2020. 2. Compute the amounts assigned to 2020 ending inventory and the cost of goods sold using (a) FIFO and (b) weighted average cost. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the amounts assigned to 2020 ending inventory and the cost of goods sold using (a) FIFO and (b) weighted average cost. (Do not round intermediate calculations. Round the final answers to nearest whole dollars.) (a) FIFO Periodic (b) Weighted Average Cost Periodic Total cost of units available for sale Less ending inventory Cost of units sold $ 0 $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Provider Audit In England Evaluating Medical Audit

Authors: James Buttery, Yvette; Walshe, Kieran; Rumsey, Moira; Amess, Moyra; Bennett, Jennifer & Coles

1st Edition

1898845034, 978-1898845034

More Books

Students also viewed these Accounting questions