statement? P6.3 (LO 2), AP Financial Statement Sekhon 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, purchases were as follows. Mar. 15 400 units at $23 July 20 250 units at $24 Sept. 4 330 units at $26 Dec. 2 100 units at $29 Sekhon Company uses a periodic inventory system. Sales totaled 1,000 units. Instructions a. Determine the cost of goods available for sale. b. Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round the weighted-average unit cost to three decimal places.) c. Which cost flow method results in the highest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement? DATA TABLE (To be used for FIFO, LIFO, and Weighted Average solutions) DATE EXPLANATION BEGINNING INVENTORY PURCHASE PURCHASE PURCHASE PURCHASE PURCHASE COGAFS LESS EI COGS UNITS UNIT COST TOTAL COST FIRST "COSTS" IN-FIRST "COSTS" OUT (FIFO) FIFO ENDING INVENTORY (EI) DATE EXPLANATION TOTAL FIFO EI Note: you only need to complete the data table on the left once because it is the same for all three methods. RECENT UNITS UNIT COST TOTAL COST FIFO-COGS COGAFS LESS EI COGS FIFO PROOF COST OF GOODS SOLD (COGS) DATE EXPLANATION TOTAL FIFO COGS UNITS OLDEST UNIT COST TOTAL COST LAST "COSTS" IN FIRST "COSTS" OUT (LIFO) LIFO EI DATE EXPLANATION UNITS OLDEST UNIT COST TOTAL COST BEGINNING INVENTORY TOTAL LIFO EI LIFO PROOF COGS RECENT DATE EXPLANATION UNITS UNIT COST TOTAL COST TOTAL LIFO COGS LIFO-COGS COGAFS LESS EI COGS