Reference no: EM131533385

Question: Viper Company began year 2011 with 20,000 units of product in its January 1 inventory costing $15 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 35,000 units of its product remain in inventory.

Mar. 7 . . . . . . . . 28,000 units @ $18 each

May 25 . . . . . . . . 30,000 units @ $22 each

Aug. 1 . . . . . . . . 20,000 units @ $24 each

Nov. 10 . . . . . . . . 33,000 units @ $27 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.)