Cheyenne Corp. had a beginning inventory on January 1 of 315 units of Product 4-18-15 at...

 

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Cheyenne Corp. had a beginning inventory on January 1 of 315 units of Product 4-18-15 at a cost of $18 per unit. During the year, the following purchases were made. Mar. 15 840 units 735 units 210 units July 20 525 units at $21 at $22 Sept. 4 Dec. 2 2,100 units were sold. Cheyenne Corp. 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.) at $24 at $27 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). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. LIFO AVERAGE-COST FIFO (1) The ending inventory $ The cost of goods sold Which cost flow method results in (1) the highest inventory amount for the balance sheet, and (2) the highest cost of goods sold for the income statement? (2) results in the highest inventory amount, $ produces the highest cost of goods sold, $ Cheyenne Corp. had a beginning inventory on January 1 of 315 units of Product 4-18-15 at a cost of $18 per unit. During the year, the following purchases were made. Mar. 15 840 units 735 units 210 units July 20 525 units at $21 at $22 Sept. 4 Dec. 2 2,100 units were sold. Cheyenne Corp. 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.) at $24 at $27 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). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. LIFO AVERAGE-COST FIFO (1) The ending inventory $ The cost of goods sold Which cost flow method results in (1) the highest inventory amount for the balance sheet, and (2) the highest cost of goods sold for the income statement? (2) results in the highest inventory amount, $ produces the highest cost of goods sold, $

Answer rating: 100% (QA)

Problem 63A Jan 1 Mar 15 July 20 Sept 4 Dec 2 opening Inventory ... View the full answer