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Compute the amounts assigned to ending inventory

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Reference no: EM132594208

Seminole Company began the year with 29,000 units of product in its January 1 inventory costing $16.80 each. It made purchases of its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 53,000 units of its product remain in inventory.

Mar. 746,000 units @ $19.80 each

May 2548,000 units @ $23.80 each

Aug. 138,000 units @ $25.80 each

Nov. 1042,000 units @ $28.80 each

Required:

Question 1. Compute the number and total cost of the units available for sale during the year.

Question 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average.

Reference no: EM132594208

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