Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 38

Seneca Co. began year 2015 with 6,500 units of product in its January 1 inventory costing $35 each. It made successive purchases of its product in year 2015 as follows. The company uses a periodic inventory system. On December 31, 2015, a physical count reveals that 8,500 units of its product remain in inventory.

Required
1. Compute the number and total cost of the units available for sale in year 2015.
2. Compute the amounts assigned to the 2015 ending inventory and the cost of goods sold using ( a ) FIFO, ( b ) LIFO, and ( c ) weighted average. (Round all amounts to cents.)