Problem 6-03A a, b1-b2, c (Video)

Problem 6-03A a, b1-b2, c (Video) Sheridan Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 400 units at $24 Sept. 4 300 units at 33 July 20 220 units at $28 Dec. 2100 units a 0 975 units were sold. Sheridan Company uses a periodic inventory system Determine the cost of goods available for sale. The cost of goods available for sale SHOW ANSWER Calculate average cost per unit. (Round answer to 3 decimal places, e.g.1.250.) Average cost per unit SHOW ANSWER 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 O decimal places, eg. ,250.) FIFO LIFO AVERAGE-COST The ending inventory The cost of goods sold SHOW ANSWER 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? produces the highest inventory amount, produces the highest cost of goods sold, s SHOW