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This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate set of information. You are to fill in the missing amounts. (Input all amounts as positive values except net loss which should be indicated with a minus sign. Omit the "$" sign in your response.)

[The following information applies to the questions displayed below.]

Viper Company began year 2011 with 25,000 units of product in its January 1 inventory costing $16.00 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 45,000 units of its product remain in inventory.

Mar.	7	38,000 units @ $19.00 each
May.	25	40,000 units @ $23.00 each
Aug.	1	30,000 units @ $25.00 each
Nov.	10	38,000 units @ $28.00 each

This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate set of information. You are to fill in the missing amounts. (Input all amounts as positive values except net loss which should be indicated with a minus sign. Omit the "$" sign in your response.) Beginning Inventory 76,000 Net Purchases 104,000 Net Sales Ending Inventory 35,200 Cost of Goods Sold Profit or (Loss) Gross Profit Expenses 72,000 a. 290,000 145,200 b. 470,000 80,000 300,000 264,000 20,000 C. 630,000 190,000 180,000 441,000 189,000 150,000 d. 780,000 450,000 135,000 234,000 270,000 e. 156,000 280,000 400,000 130,000 (15,000) [The following information applies to the questions displayed below.) Viper Company began year 2011 with 25,000 units of product in its January 1 inventory costing $16.00 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 45,000 units of its product remain in inventory. Mar. 7 May 25 Aug. Nov 10 38.000 units a $19.00 each 40,000 units a $23.00 each 30,000 units a $25.00 each 38,000 units o $28.00 each 3. value 4.00 points Required information Required: 1. Compute the number and total cost of the units available for sale in year 2011. (Omit the "$" sign in your response.) units Number of units available for sale Cost of the units available for sale S 4. 16.00 points Required information 2. Compute the amounts assigned to the 2011 ending inventory and the cost of goods sold. (Input all amounts as positive values. Round per unit costs to 3 decimal places. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.) (a) FIFO periodic Total cost of units available for sale Less ending Inventory on a FIFO basis Cost of units sold (b) Weighted average cost periodic S Total cost of units available for sale Less ending inventory on a weighted average cost Cost of units sold

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