Compute the number and total cost of the units available for sale in year 2015

Question

Seminole Company began year 2015 with 28,000 units of product in its January 1 inventory costing $16.60 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 51,000 units of its product remain in inventory.

 Mar.
7
     44,000 units @ $19.60 each
  May
25
     46,000 units @ $23.60 each
  Aug.
1
     36,000 units @ $25.60 each
  Nov.
10
     41,000 units @ $28.60 each

Answer 1

                                                Units    U/Cost                 $ Value

Inventory Balance 1/1/ 2015      28,000 X $16.60               $ 464,800

Purchases March 7                     44,000 X 19.60                   862,400

Balance 3/31                             72,000    18.43                1,327,200         

Purchases May 25                      46,000 X 12.60                1,085,600

Balance 5/31                            118,000   20.45                2,412,800

Purchases Aug. 1                        36,000 X25.60                  921,600

Balance 8/31                            154,000   21.65                3,334,400

Purchases Nov. 10                      41,000 x 28.60                1,172,600

Balance 11/30                          195,000   23.11                 4,507,000

Balance 12/31                           51,000    23.11                 1,178,610 Inventory balance as of 12/31/15

Units Sold during 2015             144,000                             3,328,390   To COGS