Bonaire Co. began 2014 with 6,300 units of Product B in its inventory that cost $68 each, and it made successive purchases of the product as follows: The company uses a periodic inventory system. On December 31, 2014, a physical count disclosed that 16,500 units of Product B remained in inventory. Required: 1. Prepare a calculation showing the number and total cost of the units available for sale during the year. 2. Prepare calculations showing the amounts that should be assigned to the ending inventory and to cost of goods sold assuming: a. FIFO b. Weighted average cost basis (round the average unit cost to two decimal places).
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