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Required 1 Required 2 Compute the amounts assigned to 2020 ending inventory and the cost of goods sold using (a) FIFO and (b) weighted average cost. (Do not round intermediate calculations. Round the final answers to nearest whole dollars.) (a) FIFO Periodic (b) Weighted Average Cost Periodic Total cost of units available for sale Less ending inventory Cost of units sold $ 0 $ < Required 1 Required 2
Viper Company began year 2020 with 23,500 units of product in its January 1 inventory costing $15.70 each. It made successive purchases of its product in year 2020 as follows. The company uses a periodic inventory system. On December 31, 2020, a physical count reveals that 42,000 units of its product remain in inventory. Mar. May Aug. Nov. 7 35,000 units @ $18.70 each 25 37,000 units @ $22.70 each 1 27,000 units @ $24.70 each 10 36,500 units @ $27.70 each Required: 1. Compute the number and total cost of the units available for sale during in year 2020. 2. Compute the amounts assigned to 2020 ending inventory and the cost of goods sold using (a) FIFO and (b) weighted average cost. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number and total cost of the units available for sale during in year 2020. units Total units available for sale Total cost of units available for sale < Required 1 Required 2 >