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Seneca Co. began year 2013 with 6,500 units of product in its January 1 inventory costing $ 35 each. It made successive purchases of its product in year 2013 as follows. The company uses a periodic inventory system. On December 31, 2013, a physical count reveals that 8,500 units of its product remain in inventory.
Jan. 4 . . . . . . . . 11,500 units @ $ 33 eachMay 18 . . . . . . . . 13,400 units @ $ 32 eachJuly 9 . . . . . . . . 11,000 units @ $ 29 eachNov. 21 . . . . . . . . 7,600 units @ $ 27 eachRequired:
1. Compute the number and total cost of the units available for sale in year 2013.
2. Compute the amounts assigned to the 2013 ending inventory and the cost of goods sold using
(a) FIFO,
(b) LIFO,
(c) Weighted average. (Round all amounts to dollars and cents.)
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