Sunland Company Inc. had a beginning inventory of 95 units of Product RST at a...
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Sunland Company Inc. had a beginning inventory of 95 units of Product RST at a cost of $7per unit. During the year, purchases were: Sunland Company uses a periodic imentory system. Sales totaled 1.560 units. (a) Determine the cost of goods available for sale. The cost of goods available for sale $ eTextbook and Media Attempts: 0 of 3 used (b1) Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 2.237.) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, eg. 5,125.) eTextbook and Media Attempts: 0 of 3 used (c) Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement? (1) results in the lowest inventory amount for the balance sheet, $ (2) results in the lowest cost of goods sold for the income statement, $
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Sunland Company Inc. had a beginning inventory of 95 units of Product RST at a cost of $7per unit. During the year, purchases were: Sunland Company uses a periodic imentory system. Sales totaled 1.560 units. (a) Determine the cost of goods available for sale. The cost of goods available for sale $ eTextbook and Media Attempts: 0 of 3 used (b1) Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 2.237.) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, eg. 5,125.) eTextbook and Media Attempts: 0 of 3 used (c) Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement? (1) results in the lowest inventory amount for the balance sheet, $ (2) results in the lowest cost of goods sold for the income statement, $ 