Ziad Company had a beginning inventory on January 1 of 294 units of Product 4-18

Question

Ziad Company had a beginning inventory on January 1 of 294 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. 1,960 units were sold. Ziad Company uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale Calculate average cost per unit. Average cost per unit Determine the ending inventory, and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average). The ending inventory The cost of goods sold Which cost flow method results in the highest inventory amount for the balance sheet, and the highest cost of goods sold for the income statement results in the highest inventory amount, $ produces the highest cost of goods sold, $

Explanation / Answer

date units cost per unit total cost op 294 20 5880 15-Mar 784 23 18032 20-Jul 490 24 11760 4-Sep 686 26 17836 2-Dec 196 29 5684 2450 59192 average cost per unit 24.16 cost of goods available for sale 47353.6 FIFO LIFO average cost ending inventory 15876 10388 11838.4 cost of goods sold 45864 48804 47353.6 1 FIFO reports highest inventory of $ 15876 2 LIFO reports highest COGS of $ 48804

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