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Viper Company began year 2020 with 22,500 units of product in its January 1 inventory costing $15.50 each. It made successive purchases of its product
Viper Company began year 2020 with 22,500 units of product in its January 1 inventory costing $15.50 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 40,000 units of its product remain in inventory. 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
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