McLean Company Inc. had a beginning inventory of 300 units of Product MLN at a cost of
Question:
McLean Company Inc. had a beginning inventory of 300 units of Product MLN at a cost of $8 per unit. During the year, purchases were:
600 units at $11 100 units at $12 Feb. 20 May 5 700 units at $ 9 500 units at $10 Aug. 12 Dec. 8 McLean Company uses a periodic inventory system. Sales totalled 1,800 units.
Instructions
(a) Determine the cost of goods available for sale.
(b) Determine the ending inventory and 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 average unit cost to three decimal places.)
(c) Which cost flow method results in the lowest inventory amount for the balance sheet?
The lowest cost of goods sold for the income statement?
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