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.

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). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round answers to 0 decimal places, e.g. 1,250.)

Answer rating: 100% (QA)

1 cost of goods available for sale DATE EXPLANATION UNITS UNIT COST TOTAL COST JANUARY 1 BEGINNING I... View the full answer