Optix Camera Shop uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.

Ziad Company had a beginning inventory on January 1 of 216 units of Product 4-18-15 at a cost of $21 per unit. During the year, the following purchases were made. Mar. 15 July 20 576 units 360 units at at $24 $25 Sept. 4 Dec. 2 504 units 144 units at at $27 $30 1,440 units were sold. Ziad Company uses a periodic inventory system. Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $ 45288 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Your answer is correct. Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Average cost per unit $ 25.16 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Your answer is partially correct. Try again. Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average). (Round answers to 0 decimal places, e.g. 1,250.) FIFO The ending inventory The cost of goods sold LIFO $ AVERAGE-COST $ $ 10152 7272 $ $ $ 35136 38016 LINK TO TEXT Your answer is partially correct. Try again. 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 FIFO (1) amount, $ . 10152 produces the highest cost of LIFO (2) goods sold, $ . 38016 Click if you would like to Show Work for this question: Open Show Work Problem 6-5A You are provided with the following information for Najera Inc. for the month ended June 30, 2014. Najera uses the periodic method for inventory. Date June 1 June 4 June 10 June 11 June 18 June 18 June 25 June 28 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Units 40 137 110 13 54 11 66 28 Unit Cost or Selling Price $41 45 70 70 47 47 76 50 Your answer is incorrect. Try again. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) $ Weighted-average cost per unit 56.40 LINK TO TEXT Your answer is incorrect. Try again. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.) LIFO The ending inventory The cost of goods sold Gross profit $ FIFO AVERAGE-COST $ $ 11070 $ $ $ $ $ 2556 $ 11070 LINK TO TEXT Your answer is incorrect. Try again. Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Averagecost. (Round answers to 1 decimal place, e.g. 51.2%.) LIFO Gross profit rate FIFO % AVERAGE-COST % Click if you would like to Show Work for this question: % Open Show Work Problem 6-9A Terando Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. July July July July July July Purchases Units Unit Cost 135 $122 Date 1 6 11 14 21 27 Sales Units 108 189 $139 81 216 $150 162 Calculate the average cost per unit at June 1, 6, 11, 14, 21 & 27. (Round answers to 3 decimal places, e.g. $105.250.) Average cost for each unit $ July 1 July 6 July 1 1 $ July 1 4 $ July 2 1 $ July 2 7 $ $ LINK TO TEXT Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) movingaverage cost, and (3) LIFO. (Round answers to 0 decimal places, e.g. $2,150.) FIFO The ending inventory under a perpetual inventory system Click if you would like to Show Work for this question: $ MOVINGAVERAGE $ Open Show Work LIFO $