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Ziad Company had a beginning inventory on January 1 of 150 units of Product 4-18-15 at a cost of $20 per unitDuring the year, the
Ziad Company had a beginning inventory on January 1 of 150 units of Product 4-18-15 at a cost of $20 per unitDuring the year, the following purchases were made Mar 15 400 units at $23 Sept4 350 units at $26 July 20 250 units at $24 Dec2 100 units at $29 1,000 units were soldZiad 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 placeseg. 2.23.) Average cost per unit $________ Determine 1) the ending inventoryand (2) the cost of goods sold under each of the assumed cost flow methods (FIFOLIFOand average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods(Round answers to O decimal places, eg 1,250) FIFO LIFO AVERAGE-COST The ending inventory $_______. $______. $_______ The cost of goods sold $_____. $______. $_______ Which cost flow method results in ) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?
FIFO $_______
LIFO $_______
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