A B D E P6-3A Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost in a periodic inventory system and assess financial statement effects. Vista Company Inc. had a beginning inventory of 100 units of Product RST at a cost of $8 per unit. During the year, purchases were: Feb. 20 600 @ $9 Aug. 12 Dec. 8 400 @ $11 100 @ $12 May 5 500 @$10 Vista Company uses a periodic inventory system. Sales totaled 1,500 units. 2 3 Determine the cost of goods available for sale. 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. (For average-cost, round the weighted-average unit cost to three decimal places.) Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement? 5 6 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". 7 8 19 (a) 20 Instructions 21 (a) (b) 22 23 24 25 26 27 28 (b) (1) 29 30 31 32 33 Date Jan. 1 Feb. 20 May 5 Aug. 12 Dec. 8 FIFO Date Dec. 8 Aug. 12 COST OF GOODS AVAILABLE FOR SALE Explanation Units Unit Cost Beginning inventory Purchase Purchase Purchase Purchase Total Value Value Value Value Value ? Ending Inventory Units Value Value ? Unit Cost Value Value Value Value Value Value Value Total Cost ? ? ? Total Cost ? ? ? ? ? ?

instructions (a) Determine the cost of goods available for sale. (b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, UFO and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LFO methods. (for average-cost, round the weighted-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? NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a