Ziad Company Beginning Inventory January 1 150 Units Product 4 18 15 Cost 20 Per Unit Year Q18384942

Ziad Company had a beginning inventory on January 1 of 150 unitsof Product 4-18-15 at a cost of $20 per unit. During the year, thefollowing purchases were made.

1,000 units were sold. Ziad Company uses a periodic inventorysystem.

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Mar. 15 400 units at $23 Sept. 4 350 units at $26
20-Jul 250 units at $24 Dec. 2 100 units at $29

A. Determine the cost of goods available for sale.

B. Determine (1) the ending inventory and (2) the cost of goodssold under each of the assumed cost flow methods (FIFO, LIFO, andaverage-cost). Prove the accuracy of the cost of goods sold underthe FIFO and LIFO methods.

C. Which cost flow method results in (1) the lowest inventoryamount for the balance sheet, and (2) the lowest cost of goods soldfor the income statement?

(a) Page 317
COST OF GOODS AVAILABLE FORSALE
Unit Total
Date Explanation Units Cost Cost
(b)
FIFO
(1) Ending Inventory (2) Cost of Goods Sold
Unit Total
Date Units x Cost = Cost
Proof of Cost of GoodsSold
Unit Total
Date Units x Cost = Cost
LIFO
(1) Ending Inventory (2) Cost of Goods Sold
Unit Total
Date Units x Cost = Cost
(b) (Continued)and (c)
LIFO
(b) Proof of Cost of Goods Sold
Unit Total
Date Units x Cost = Cost
AVERAGE-COST
(1) Ending Inventory (2) Cost of Goods Sold
Unit Total
Units x Cost = Cost
(c) (1)
   
(2)

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