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Austin Company began year 2009 with 33,000 units of product in its January 1 inventory costing $17 each. It made successive purchases of its product...
Austin Company began year 2009 with 33,000 units of product in its January 1 inventory costing $17 each. It made successive purchases of its product in year 2009 as follows. The company uses a periodic inventory system. On December 31, 2009, a physical count reveals that 40,000 units remain in inventory.Mar. 7 38,000 units @ $19 eachMay 25 34,000 units @ $22 eachAug. 1 26,000 units @ $26 eachNov. 10 22,000 units @ $30 each1. Compute the number and total cost of the units available for sale in year 2009.2. Compute the amounts assigned to the 2009 ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted avereage. (Round per unit costs to three decimals, but inventory balances to the dollar.)
