*Problem 6-3A 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. at Mar. 15 July 20 840 units 525 units at at $21 $22 Sept. 4 Dec. 2 735 units 210 units $24 $27 at 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.) 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. (Round answers to 0 decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST 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? (1) results in the highest inventory amount, $ (2) produces the highest cost of goods sold, $ Question Attempts: 0 of 2 used Copyright 2000-2021 by John Wiley & Sons, Inc. or related companies. All rights reserved