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1 Determine the cost of goods available for sale. 2. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) 3. Determine (1)
1 Determine the cost of goods available for sale.
2. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.)
3. 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.)
4. 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?
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