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Problem 6-3A Ziad Company had a beginning inventory on January 1 of 165 units of Product 4-18-15 at a cost of $18 per unit. During the year, the following purchases were made. Mar. 15 July 20 440 units 275 units at at $22 $23 Sept. 4 Dec. 2 385 units 110 units at at $24 $28 1,100 units were sold. Ziad Company uses a periodic inventory system. Your answer is incorrect. Try again. Determine the cost of goods available for sale. $ The cost of goods available for sale 24,895 Link to Text Your answer is incorrect. Try again. Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) $ Average cost per unit Link to Text Your answer is incorrect. Try again. Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average). (Round answers to 0 decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST $ $ $ $ $ $ The ending inventory The cost of goods sold Your answer is incorrect. Try again. 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? (1) results in the highest inventory amount, $ . (2) produces the highest cost of goods sold, $ . Click if you would like to Show Work for this question: Open Show Work Link to Text Problem 6-5A You are provided with the following information for Najera Inc. for the month ended June 30, 2014. Najera uses the periodic method for inventory. Date June 1 June 4 June 10 June 11 June 18 June 18 June 25 June 28 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Units Unit Cost or Selling Price 42 $41 138 45 108 68 16 68 55 46 9 46 63 72 28 50 Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) $ Weighted-average cost per unit Link to Text Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.) LIFO FIFO AVERAGE-COST $ $ $ $ $ $ $ $ $ The ending inventory The cost of goods sold Gross profit Link to Text Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%.) LIFO Gross profit rate FIFO % AVERAGE-COST % % Problem 6-9A Terando Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date July 1 July 6 July 11 July 14 July 21 Units 25 Unit Cost $122 Sales Units 20 35 $140 15 40 $149 July 27 30 Calculate the average cost per unit at June 1, 6, 11, 14, 21 & 27. (Round answers to 3 decimal places, e.g. $105.250.) Average cost for each unit $ July 1 July 6 $ $ July 11 July 1 4 July 2 1 July 2 7 $ $ $ Link to Text Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO. (Round answers to 0 decimal places, e.g. $2,150.) FIFO The ending inventory under a perpetual inventory system $ MOVINGAVERAGE $ LIF O $