Reference no: EM132483800
Trump, Inc. had a beginning inventory on January 1 of 293 units of Product 4-18-15 at a cost of $21 per unit. During the year, the following purchases were made.
Mar. 15th - 780 units at $24;
Sept. 4th - 683 units at $27;
July 20th - 488 units at $25;
Dec. 2nd 195 units at $30
1,950 units were sold.
Trump, Inc. uses a periodic inventory system.
Question a. Determine the cost of goods available for sale.
Question b. Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.23.)
Question c. 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). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round answers to 0 decimal places, e.g. 1,250.)
Question d. 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?
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