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Determine the cost of goods available for sale the ending inventory and the cost of goods sold under each of the assumed cost
Determine the cost of goods available for sale
P6-3B Smythe Company Inc. had a beginning inventory of 200 units of Product ERV.a a cost of $6 per unit. During the year, purchases were: units of Product ERV at Jan. 24 Apr. 12 800 units at $7 400 units at $8 Aug. 19 Nov. 30 600 units at $ 9 350 units at $10 Smythe Company uses a periodic inventory system. Sales totaled 1,900 units " " 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 cost of goods sold under FIFO and LIFO and which cost flow method results in the highest inventory amount for the balance sheet and the highest cost of goods sold for the income statement?
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