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[answered] 1ythe Company Inc. had a beginning inventory of 200 units o


1ythe Company Inc. had a beginning inventory of 200 units of Product ERV at a cost of $6 er unit. During the year, purchases were: Jan. 24 800 units at $7 Aug. 19 600 units at S 9 Apr. . 400 units at $8 Nov. 30 350 units at $10 Smythe Company uses a periodic inventory system. les totaled 1,900 units. Instructions (a) Determine the cost of goods available for sale. ) Determine the ending inventory and the cost of goods sold under each of the assumed cost )w methods (FIFO, LIFO, and average-cost). Prove the accuracy of the st of goods sold under the FIFO and LIFO methods. (Round average unit cost to three ecimal places.) :) Which cost flow method results in the lowest inventory amount for the balance sheet? The Nest cost of goods sold for the income statement?
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