# 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.

#### How many pages is this assigment?

 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)

The post Ziad Company Beginning Inventory January 1 150 Units Product 4 18 15 Cost 20 Per Unit Year Q18384942 appeared first on Nurses Den.