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Determine the cost of goods available for sale

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Reference no: EM132089001

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

$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.)

Reference no: EM132089001

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