Seneca Co. began the year with 6,500 units of product in its January 1 inventory costing $35 each. It made four purchases of its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 8,500 units of its product remain in inventory. Jan. 4 . 11,500 units @ $33 each May 18 . 13,400 units @ $32 each July 9 . 11,000 units @ $29 each Nov. 21 . 7,600 units @ $27 each Required 1. Compute the number and total cost of the units available for sale during the year. 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. (Round all amounts to cents.)
Seneca Co. began the year with 6,500 units of product in its January 1 inventory costing $35 each. It made four purchases of its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 8,500 units of its product remain in inventory. Jan. 4 . 11,500 units @ $33 each May 18 . 13,400 units @ $32 each July 9 . 11,000 units @ $29 each Nov. 21 . 7,600 units @ $27 each Required 1. Compute the number and total cost of the units available for sale during the year. 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. (Round all amounts to cents.)
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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Seneca Co. began the year with 6,500 units of product in its January 1 inventory costing $35 each. It made
four purchases of its product during the year as follows. The company uses a periodic inventory system.
On December 31, a physical count reveals that 8,500 units of its product remain in inventory. Jan. 4 . 11,500 units @ $33 each
May 18 . 13,400 units @ $32 each July 9 . 11,000 units @ $29 each
Nov. 21 . 7,600 units @ $27 each Required
1. Compute the number and total cost of the units available for sale during the year.
2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO,
(b) LIFO, and (c) weighted average. (Round all amounts to cents.)
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