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.)
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter8: Gross Profit Method (gp)
Section: Chapter Questions
Problem 1R: On September 30, 2013, the general ledger of Leons Golf Shop, which uses the calendar year as its...
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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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