Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Viper Company began year 2020 with 30,000 units of product in its January 1 inventory costing $17.00 each. It made successive purchases of its
Viper Company began year 2020 with 30,000 units of product in its January 1 inventory costing $17.00 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 55,000 units of its product remain in inventory. Mar. 7 48,000 units @ $20.00 each May 25 50,000 units @ $24.00 each Aug. 140,000 units @ $26.00 each Nov. 10 43,000 units @ $29.00 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 > 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.) Total cost of units available for sale Less ending inventory Cost of units sold (a) (b) FIFO Weighted Average Periodic Cost Periodic $ 0 $ 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started