Business, 24.02.2020 18:56 slippedsumo

Ziad Company had a beginning inventory on January 1 of 150 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made.

Mar. 15 400 units at $23
Sept. 4 350 units at $26
July 20 250 units at $24
Dec. 2 100 units at $29
1,000 units were sold.

Ziad Company uses a periodic inventory system.
1)Determine the cost of goods available for sale. The cost of goods available for sale $ Show Solution
2)Calculate average cost per unit. (Round answer to 2 decimal places, e. g. 2.25.) Average cost per unit $ Show Solution
3). Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average). (Round answers to 0 decimal places, e. g. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $ Show Solution
4)Which cost flow method results in (1) the highest inventory amount for the balance sheet, and (2) the highest cost of goods sold for the income statement? (1) results in the highest inventory amount, $. (2) produces the highest cost of goods sold, $.

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Ziad Company had a beginning inventory on January 1 of 150 units of Product 4-18-15 at a cost of $20...

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