Reference no: EM132469132

Point 1: Aranas Manufacturing, a tool retailer, began year 20x7 with 21,500 units of product in its January 1 inventory, at a cost of $12.50 for each unit. It made successive purchases of its product in year 20x7, as follows. The company uses a periodic inventory system. On December 31, 20x7, a physical count reveals that 35,000 units of its product remain in inventory.

Mar. 7 25,000 units @ $16 each

May 25 41,500 units @ $19 each

Aug. 1 22,750 units @ $23 each

Nov. 10 38,100 units @ $24 each

Instructions

Using the template provided below.

Question 1: Compute the number and total cost of the units available for sale in year 20x7.

Question 2: Compute the amounts assigned to the 20x7 ending inventory, and the cost of goods sold for FIFO, LIFO, and weighted average.

Question 3: The 113,850 units sold are $31 each. Prepare comparative income statements for the three inventory costing methods of FIFO, LIFO, and weighted average, which include a detailed cost of goods sold section as part of each statement. (Round your average cost per unit to 2 decimal places.)

Attachment:- total cost unit.rar