Problem 6-03A a, b1-b2, c

Bonita Company had a beginning inventory on January 1 of200units of Product 4-18-15 at a cost of $20per unit. During the year, the following purchases were made.

Mar. 15430 unitsat $22Sept. 4 300 units at $25

July 20 220 units at $24Dec. 2 100 units at $29

1,035 units were sold. Bonita Company uses a periodic inventory system.

Determine the cost of goods available for sale.

The cost of goods available sale $ ________.

Calculate average cost per unit (Round answer to 3 decimal places, e.g. 1.250.)

Average cost per unit $ _______.

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).(Round answers to 0 decimal places, e.g. 1,250.)

FIFOLIFO Average - COST

The ending inventory $_______$______$____________

The cost of goods sold$_______$ ______$____________

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, $_________