Vaughn Company had a beginning inventory on January 1 of 200 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made.

Mar. 15		430 units		at		$22		Sept. 4		300 units		at		$26
July 20		220 units		at		$24		Dec. 2		100 units		at		$29

1,030 units were sold. Vaughn Company uses a periodic inventory system.

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

LINK TO TEXT

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

Average cost per unit

$Enter the average cost per unit in dollars

LINK TO TEXT

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		$Enter a dollar amount		$Enter a dollar amount		$Enter a dollar amount
The cost of goods sold		$Enter a dollar amount		$Enter a dollar amount		$Enter a dollar amount

LINK TO TEXT

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)		Select a cost flow method FIFOLIFOAverage-cost results in the highest inventory amount, $Enter a dollar amount .
(2)		Select a cost flow method FIFOLIFOAverage-cost produces the highest cost of goods sold, $Enter a dollar amount .