Synergy Company began 2020 with 23,500 units of Product X in its inventory that cost $8.40 per unit, and it made successive purchases of the product as follows: Mar.7 30,500 units@ $9.90each May25 35,500 units@ $11.90each Aug.1 26,000 units@ $12.90each Nov.10 35,500 units@ $14.40each The company uses a periodic inventory system. On December 31, 2020, a physical count disclosed that 19,500 units of Product X remained in inventory.Required:1. Calculate the number and total cost of the units available for sale during 2020.2. Prepare calculations showing the amounts that should be assigned to 2020 ending inventory and to the cost of goods sold, assuming: (Image attached)a. FIFOb. Weighted average cost basis. (Round the "Average cost per unit" answer to 2 decimal places.) 2. Prepare calculations showing the amounts that should be assigned to the 2020 ending inventory and to cost of goods sold,assuming:a. FIFOTotal cost of the units for saleCost of units soldb. Weighted average cost basis. (Round the "Average cost per unit" answer to 2 decimal places.)Total cost of the units for saleCost of units sold Synergy Company began 2020 with 23,500 units of Product X in its inventory that cost $8.40 per unit, and it made successivepurchases of the product as follows:30,500 units @ $ 9.90 each35,500 units @ $ 11.90 each26,000 units @ $ 12.90 each35,500 unitsMar.7MayAug.251Nov.10@$ 14.40 eachThe company uses a periodic inventory system. On December 31, 2020, a physical count disclosed that 19,500 units of Product Xremained in inventory.Required:1. Calculate the number and total cost of the units available for sale during 2020.Number of unitsTotal cost of the units

Answered: Required: 1. Calculate the number and…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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Synergy Company began 2020 with 23,500 units of Product X in its inventory that cost $8.40 per unit, and it made successive purchases of the product as follows:


Mar.	7	30,500	units	@	$	9.90	each
May	25	35,500	units	@	$	11.90	each
Aug.	1	26,000	units	@	$	12.90	each
Nov.	10	35,500	units	@	$	14.40	each

The company uses a periodic inventory system. On December 31, 2020, a physical count disclosed that 19,500 units of Product X remained in inventory.

Required:
1. Calculate the number and total cost of the units available for sale during 2020.

2. Prepare calculations showing the amounts that should be assigned to 2020 ending inventory and to the cost of goods sold, assuming: (Image attached)

a. FIFO

b. Weighted average cost basis. (Round the "Average cost per unit" answer to 2 decimal places.)

2. Prepare calculations showing the amounts that should be assigned to the 2020 ending inventory and to cost of goods sold,
assuming:
a. FIFO
Total cost of the units for sale
Cost of units sold
b. Weighted average cost basis. (Round the "Average cost per unit" answer to 2 decimal places.)
Total cost of the units for sale
Cost of units sold

Synergy Company began 2020 with 23,500 units of Product X in its inventory that cost $8.40 per unit, and it made successive
purchases of the product as follows:
30,500 units @ $ 9.90 each
35,500 units @ $ 11.90 each
26,000 units @ $ 12.90 each
35,500 units
Mar.
7
May
Aug.
25
1
Nov.
10
@
$ 14.40 each
The company uses a periodic inventory system. On December 31, 2020, a physical count disclosed that 19,500 units of Product X
remained in inventory.
Required:
1. Calculate the number and total cost of the units available for sale during 2020.
Number of units
Total cost of the units

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