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Viper Company began year 2020 with 24,500 units of product in its January 1 inventory costing $15.90 each. It made successive purchases of its
Viper Company began year 2020 with 24,500 units of product in its January 1 inventory costing $15.90 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 44,000 units of its product remain in inventory. Mar. 7 37,000 units @ $18.90 each May 25 39,000 units @ $22.90 each Aug- 1 29,000 units @ $24.90 each Nov. 10 37,500 units @ $27.90 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 Total cost of units available for sale units < Required 1 Required 2 >
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