Ziad Company had a beginning inventory on January 1 of 360 units of Product 4-18-15 at a cost of 20 per unit. During the year, the following purchases were made.
Mar. 15-960 units at $23
Sept. 4-840 units at $26
July 20-600 units at $24
Dec. 2-240 units at $29
2,400 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. (Round answer to 2 decimal places, e.g. 2.23.)
Average cost per unit
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.)
The ending inventory
FIFO
LIFO
Average Cost
The cost of goods sold
FIFO
LIFO
Average Cost