P6-7A

sheet and al the mg on Company had a beginning inventory on January I of 160 units of Product at a cost of $20 per unit. During the year, the following purchases were made. cosr and ending inu P6-7A Sekh 15 Sept. 4 330 units at $26 Dec. 2 100 units at $29 FIFO, LIFO, and with analysis, (LO 5) Mar 15 400 units at $23 July 20 250 units at $24 1,000 units were sold. Sekhon Company uses a periodic inventory system. Instructions (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 hi 2) Cost af assumed cost flow methods (FIFO, LIFo, and average-cost). (o) Which cost flow method results in (1) the highest inventory amount for the balance Average $4 sheet, and (2) the highest cost of goods sold for the income statement? Thr manarrCL of Inc, is reevaluating the appropriateness of using its