Solaris Co. began year 2011 with 6,300 units of product in its January 1 inventory costing $35 each. It made successive purchases of its product in year 2011 as follows. The company uses a periodic inventory system. On December 31, 2011, a physical count reveals that 16,500 units of its product remain in inventory.
Jan. 4 | 10,500 units @ $33 each |
May 18 | 13,000 units @ $32 each |
July 9 | 12,000 units @ $29 each |
Nov. 21 | 15,500 units @ $26 each |
Required
1. Compute the number and total cost of the units available for sale in year 2011.
2. Compute the amounts assigned to the 2011 ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. (Round per unit costs to three decimals, but inventory balances to the dollar.)
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