Problem 6-3A Ziad Company had a beginning inventory on January 1 of 315 units of Product 4-18-15 at a cost of $18 per unit. During the year, the following purchases were made. Mar. 15 840 units at $21 Sept. 4 735 units at $24 July 20 525 units at $22 Dec. 2 210 units at $27 2,100 units were sold. Ziad Company uses a periodic inventory system.

Determine the cost of goods available for sale. The cost of goods available for sale $

Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.23.)

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.)

FIFO LIFO 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, $.