- Ch Cabot Corporation Began Offering A Second Type Of Merhandise Inventory The Company Initially Purchased 25 000 Units 1 (45.62 KiB) Viewed 16 times
- Ch Cabot Corporation Began Offering A Second Type Of Merhandise Inventory The Company Initially Purchased 25 000 Units 2 (47.28 KiB) Viewed 16 times
Cabot Corporation began offering a second type of merhandise inventory. The company initially purchased 25,000 units of the new merhandise inventory on January 27 of year two. This inventory cost $16.00 each. Addtionally, Cabot Corporation made four purchases of its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 45,000 units of its product remain in inventory. Inventory will sell for $48.00 per unit. Ded Mar. 7 38,000 units @ $19.00 each May 25 40,000 units @ $23.00 each Aug. 130,000 units @ $25.00 each. Nov. 10 38,000 units @ $28.00 each Book Required: 1. Compute the number and total cost of the units available for sale during the year. 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. Print Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. (Do not round Intermediate calculations. Round the final answers to nearest whole dollars.) (a) (b) FIFO Periodic LIFO Periodic (c) Weighted Average Periodic Total cost of units available for sale Loss ending inventory 01 0$ Cost of units sold Required 1 0 $ Margard S