The following information applies to the questions displayed below] Austin Compa

Question

The following information applies to the questions displayed below] Austin Company began year 2011 with 33,000 units of product in its January 1 inventory costing $17 each. It made successive purchases of its product in year 2011 as follows. The company uses a periodic inventory system. On December 31, 2011, a physical count reveals that 40,000 units of its product remain in inventory. Mar. 7 38,000 units $19 each May 25 34,000 units$22 each Aug. 1 26,000 units@ $26 each Nov. 10 22,000 units $30 each 9. value 10.00 points Requirement 1: Compute the number and total cost of the units available for sale in year 2011. (Omit the "$" sign in your response.) Number of units available for sale Cost of the units available for sale

Explanation / Answer

Units Unit cost Total Beg. Inv. 33000 17 561000 Mar-07 38000 19 722000 May-25 34000 22 748000 Aug-01 26000 26 676000 Nov-10 22000 30 660000 Total 153000 114 3367000 Number of units availabe for sale = 153000 Cost of units availabe for sale = 3367000

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