Inventory problem 6-03A

Problem 6-03A Marigold Corp, had a beginning inventory of 110 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb . 20 660 units at $8 Aug. 12 430 units at $10 May 5 530 units at $9 Dec. 8 110 units at $11 Marigold uses a periodic inventory system. Sales totaled 1,560 units. Determine the cost of goods available for sale. The cost of goods available for sale $ Calculate Average Cost. ( Round answer to 3 decimal places, e.g. 5.125.) Average Cost $ Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round FIFO LIFO AVERAGE-COST The ending inventory $ The cost of goods sold $ $ 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