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Problem:

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

$21

Sept. 4

504 units

$24

July 20

360 units

$22

Dec. 2

144 units

$27

1,440 units were sold. Ziad Company uses a periodic inventory system.

Required:

Question: 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

Note: Explain all steps comprehensively.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164188

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