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Problem 6-18A Alternative cost flowsperiodic LO8 Synergy Company began 2020 with 14,500 units of Product...

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Accounting

Problem 6-18A Alternative cost flowsperiodic LO8

Synergy Company began 2020 with 14,500 units of Product X in its inventory that cost $6.90 per unit, and it made successive purchases of the product as follows:

Mar. 7 21,500 units @ $ 8.10 each
May 25 26,500 units @ $ 10.10 each
Aug. 1 17,000 units @ $ 13.90 each
Nov. 10 26,500 units @ $ 15.40 each

The company uses a periodic inventory system. On December 31, 2020, a physical count disclosed that 10,500 units of Product X remained in inventory. Required: 1. Calculate the number and total cost of the units available for sale during 2020.

2. Prepare calculations showing the amounts that should be assigned to the 2020 ending inventory and to cost of goods sold, assuming: a. FIFO

b. Weighted average cost basis. (Round the "Average cost per unit" answer to 2 decimal places.)

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