Seminole Company began year 2013 with 27,000 units of product in its January 1 i

Question

Seminole Company began year 2013 with 27,000 units of product in its January 1 inventory costing $16.40 each. It made successive purchases of its product in year 2013 as follows. The company uses a periodic inventory system. On December 31, 2013, a physical count reveals that 49,000 units of its product remain in inventory.

6.

value:
1.25 points

Required information

Seminole Company began year 2013 with 27,000 units of product in its January 1 inventory costing $16.40 each. It made successive purchases of its product in year 2013 as follows. The company uses a periodic inventory system. On December 31, 2013, a physical count reveals that 49,000 units of its product remain in inventory.

Explanation / Answer

Compute the number and total cost of the units available for sale in year 2013.

Units available for sale = 187000 Units

Cost of goods available for sale = $4286800

Unit Cost Beginning inventory 27000 442800 Mar 7 Purchase 42000 814800 Mar 25 Purchase 44000 1029600 Aug 1 Purchase 34000 863600 Nov 10 Purchase 40000 1136000 Total 187000 4286800

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