Chapter 6, Problem 7BAPSB

Problem 6-7BA
Periodic: Alternative cost flows P3

Seneca Co. began year 2015 with 6,500 units of product in its January 1 inventory costing $35 each. It made successive purchases of its product in year 2015 as follows. The company uses a periodic inventory system. On December 31, 2015, 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

Check (2) Cost of goods sold: FIFO, $1,328,700; UFO. $1,266,500; WA, $1,294,800

Required

1. Compute the number and total cost of the units available for sale in year 2015.
2. Compute the amounts assigned to the 2015 ending inventory and the cost of goods sold using (o) FIFO, (6) LIFO, and (c) weighted average. (Round all amounts to cents.)