(Solved by Humans)-Ziad Company had a beginning inventory on January 1 of 216 units of Product 4-18-15 at a cost of $19
Question
Ziad Company had a beginning inventory on January 1 of 216 units of Product 4-18-15 at a cost of $19 per unit. During the year, the following purchases were made. Mar. 15 576 units at $21 Sept. 4 504 units at $24 July 20 360 units at $22 Dec. 2 144 units at $27 1,440 units were sold. Ziad Company uses a periodic inventory system. 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.)
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