Problem:
Ziad Company had a beginning inventory on January 1 of 216 units of Product 4-18-15 at a cost of $19 per unit. During the year, the following purchases were made.
| Mar. 15 |
|
576 units |
|
at |
|
$21 |
|
Sept. 4 |
|
504 units |
|
at |
|
$24 |
| July 20 |
|
360 units |
|
at |
|
$22 |
|
Dec. 2 |
|
144 units |
|
at |
|
$27 |
1,440 units were sold. Ziad Company uses a periodic inventory system.
Required:
Question: 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
Note: Explain all steps comprehensively.