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) FIFO produces the highest inventory amount, $

.

(2) LIFO produces the highest cost of goods sold, $

Sheridan Company had a beginning inventory on January 1 of 113 units of Product 4-18-15 at a cost of $18 per unit. During the year, the following purchases were Mar. 15 300 units at $21 Sept.4 263 units at $24 July 20 188 units at $22 Dec. 2 75 units at $27 750 units were sold. Sheridan Company uses a periodic inventory system. (a) Your answer is correct Determine the cost of goods available for sale 20807 The cost of goods available for sales e Textbook and Media (51) Your answer is correct. Calculate average cost per unit. (Round answer to 2 decimal places, eg. 2.23.) Average cost per unit $ 22.16 e Textbook and Media (62) Your answer is incorrect 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), 1,250.) FIFO LIFO AVERAGE-COST $ $ The ending inventory $ The cost of goods sold $ e Textbook and Media Save for Later