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Solaris Co began year 2011 with 6300 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

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.)

Jul 20 2020 View more View Less

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