Question
Ziad Company had a beginning inventory on January 1 of 360 units of Product 4-18-15 at a cost of $20 per unit. During the year,
Ziad Company had a beginning inventory on January 1 of 360 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made.
Mar. 15-960 units at $23
Sept. 4-840 units at $26 July 20-600 units at $24
Dec. 2-240 units at $29 2,400 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.) The ending inventory FIFO $ LIFO $ Average Cost $
The cost of goods sold FIFO $ LIFO $ Average Cost $
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