Problem 6-03A a, b1-b2, c (Video) Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 400 units at $23 Sept. 4 330 units at $26 July 20 250 units at $24 Dec. 2 100 units at $29 1,000 units were sold. Sekhon Company uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale %$4 LINK TO TEXT VIDEO: SIMILAR PROBLEM Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.) Average cost per unit LINK TO TEXT 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). (Round answers to 0 decimal places, e.g. 1,250. FIFO LIFO AVERAGE-COST The ending inventory %$4 $4 The cost of goods sold 24 2$
Problem 6-03A a, b1-b2, c (Video) Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 400 units at $23 Sept. 4 330 units at $26 July 20 250 units at $24 Dec. 2 100 units at $29 1,000 units were sold. Sekhon Company uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale %$4 LINK TO TEXT VIDEO: SIMILAR PROBLEM Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.) Average cost per unit LINK TO TEXT 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). (Round answers to 0 decimal places, e.g. 1,250. FIFO LIFO AVERAGE-COST The ending inventory %$4 $4 The cost of goods sold 24 2$
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer this accounting question completely
Transcribed Image Text:Problem 6-03A a, b1-b2, c (Video)
Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made.
Mar. 15
400 units
at
$23
Sept. 4
330 units
at
$26
July 20
250 units
at
$24
Dec. 2
100 units
at
$29
1,000 units were sold. Sekhon Company uses a periodic inventory system.
Determine the cost of goods available for sale.
The cost of goods available for sale
%24
LINK O ΤΕXT
VIDEO: SIMILAR PROBLEM
Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.)
Average cost per unit
%24
LINK TO TEXT
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). (Round answers to 0 decimal places, e.g. 1,250.
FIFO
LIFO
AVERAGE-COST
The ending inventory
24
%24
%24
The cost of goods sold
%24
%24
$
LINK TO TEXT
Which cost flow method results in (1) the highest inventory amount for the balance sheet, and (2) the highest cost of goods sold for the income statement?
(1)
results in the highest inventory amount, $
(2)
produces the highest cost of goods sold, $
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