D H M H 0 M Deci , Owada bir Spun During the years They 525 24 16 T 10 100 9 10 company 2 1 Oh, ahh them were the code the ch 36 27 DU GNS 11 163 CL 10 LE 15 24 20 UE End Unit 1h w COGG 5 33.00 U LG 333 SA 5220 0 + GNS 10 IF 120 53.230 20 LE BA 1:30 LIFO Date Unit Unit Cost Unit Detail 1/1 Beginning Inventory GAFS $3,200 COGS $ Amount 0 $0 Ending Inventory Unit S Amount 160 $3,200 160 $20 GAFS 160 $29,880 0 SO 160 $3,200 COGS Ending Inventory 240 Average Date Unit Cost Unit Detail 1/1 Beginning Inventory GAFS $3,200 160 $20 150 $3,200 GAFS COGS Ending Inventory 160 Average: GAFSS/GAFS Units) COGS Ending inventory F w N 6 E P6.3A 2 Determine cost of goods sold and ending inventory, using FIFO, LIFO, and average-cost with analysis. 3 (LO 2) Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of 4 $20 per unit. During the year, the following purchases were made. 5 Mar. 15 400 units at $23 Sept. 4 330 units at $26 7 Jul 20 250 units at $24 Dec. 2 100 units at $29 8 9 1,000 units were sold. Sekhon Company uses a periodic inventory system. 10 11 Instructions 12 (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, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. 13 14 15 Goods Available for Sale Date Unit Detail 1/1 Beginning Inventory Unit Cost $20 160 GAFS $3,200 GAFS 160 $3,200 FIFO Date Unit Unit Cost Detail 1/1 Beginning inventory Unit COGS $ Amount 160 $3,200 Ending Inventory Unit $ Amount 0 $0 GAFS $3,200 160 $20 160 $3,200 160 $3,200 O SO GAFS COGS Ending Inventory 160 LIFT