Question: Ziad Company had a beginning inventory on January 1 of 300 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made.
|
Mar. 15
|
800 units
|
at
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$23
|
Sept. 4
|
700 units
|
at
|
$26
|
|
July 20
|
500 units
|
at
|
$24
|
Dec. 2
|
200 units
|
at
|
$29
|
2,000 units were sold. Ziad Company uses a periodic inventory system.
- Determine the cost of goods available for sale.
- Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.23.)
- 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.)