Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at...

   

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Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 July 20 490 units 250 units at $22 at $24 LINK TO TEXT Sept. 4 Determine the cost of goods available for sale. Average cost per unit Dec. 2 The cost of goods available for sale $ 1,135 units were sold. Sunland Company uses a periodic inventory system. $ 320 units 100 units 49 at $26 32 at $28 Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.) VIDEO: SIMILAR PROBLEM 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 $ The cost of goods sold $ LINK TO TEXT FIFO (1) (2) LIFO AVERAGE-COST 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? results in the highest inventory amount, $ produces the highest cost of goods sold, $ Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 July 20 490 units 250 units at $22 at $24 LINK TO TEXT Sept. 4 Determine the cost of goods available for sale. Average cost per unit Dec. 2 The cost of goods available for sale $ 1,135 units were sold. Sunland Company uses a periodic inventory system. $ 320 units 100 units 49 at $26 32 at $28 Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.) VIDEO: SIMILAR PROBLEM 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 $ The cost of goods sold $ LINK TO TEXT FIFO (1) (2) LIFO AVERAGE-COST 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? results in the highest inventory amount, $ produces the highest cost of goods sold, $