Buffalo Industries had a beginning inventory of 91 units of Product RST at a cost of $8 per unit. During the year, purchases were: Feb. 20 608 units at $9 Aug. 12 394 units at $11 May 5 460 units at $10 Dec. 8 97 units at $12 Buffalo Industries uses a periodic inventory system. Sales totaled 1,490 units. (a) Determine the cost of goods available for sale. The cost of goods available for sale 16298 (b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125,.) Average Cost %24 9.878 Type here to search 4:12 PM 4/2/2021

Buffalo Industries had a beginning inventory of 91 units of Product RST at a cost of $8 per unit. During the year, purchases were: 394 units at Feb. 20 May 5 608 460 units at units at $9 $10 Aug. 12 Dec 8 $11 $12 97 units at Buffalo Industries uses a periodic inventory system. Sales totaled 1,490 units. (a) Determine the cost of goods available for sale. The cost of goods available for sale $ 16298 (b) Calculate Average Cost. (Round answer to 3 decimal places, eg. 5.125) Average Cost 9.878 Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average cost). (Round answers to decimal places, es 150) FIFO LIFO AVERAGE-COST The ending inventory $ $ 1580 The cost of goods sold $ $ 14718 Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement? results in the lowest inventory amount for the balance sheet. results in the lowest cost of goods sold for the income statement