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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
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 of its product remain in inventory. Mar. 7 ............ 38,000 units @ $19 each May 25............. 34,000 units @ $22 each Aug. 1............. 26,000 units @ $26 each Nov. 10............ 22,000 units @ $30 each Required 1. 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 average. (round per unit costs to three decimals, but inventory balances to the dollar.)
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