Ziad Company had a beginning inventory on January 1 of 278 units of Product 4-18

Question

Ziad Company had a beginning inventory on January 1 of 278 units of Product 4-18-15 at a cost of $18 per unit. During the year, the following purchases were made.

$27

1,850 units were sold. Ziad Company uses a periodic inventory system.

Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 1,250.)

FIFO

LIFO

AVERAGE-COST

Mar. 15 740 units at $21 Sept. 4 648 units at $24 July 20 463 units at $22 Dec. 2 185 units at

$27

1,850 units were sold. Ziad Company uses a periodic inventory system.

Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 1,250.)

FIFO

LIFO

AVERAGE-COST

The ending inventory

$

$

$

The cost of goods sold

$

$

$

Explanation / Answer

Working Notes for the above answer is as under

Fifio- Lifo Avg Cost The ending inventory 11133 10026 10282.24 The cost of goods sold 40144 42367 51277

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