Splish Brothers Inc. Inc. had a beginning inventory of 105 units of Product RST at a cost of $ 8 per unit. During the year, purchases were:

Feb. 20		590 units		at		$ 9		Aug. 12		410 units		at		$ 11
May 5		520 units		at		$ 10		Dec. 8		100 units		at		$ 12

Splish Brothers Inc. uses a periodic inventory system. Sales totaled 1,455 units.

ANSWER C ******

(a)

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Your answer is correct.

Determine the cost of goods available for sale.

The cost of goods available for sale

$ enter the cost of goods available for sale in dollars

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Attempts: 1 of 5 used

(b1)

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Your answer is correct.

Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 2.237.)

Average cost per unit

$ enter the average cost per unit in dollars rounded to 3 decimal places

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Attempts: 1 of 5 used

(b2)

Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.)

		FIFO		LIFO		AVERAGE-COST
The ending inventory		$ [enter the ending inventory amount as per FIFO in dollars		$ enter the ending inventory amount as per LIFO in dollars		$ enter the ending inventory amount as per Average-cost in dollars
The cost of goods sold		$ enter the cost of goods sold amount as per FIFO in dollars		$ enter the cost of goods sold amount as per LIFO in dollars		$ enter the cost of goods sold amount as per Average-cost in dollars