Milo company had a beginning inventory of 400 units of product kimbo

Milo Company had a beginning inventory of 400 units of Product Kimbo at a cost of $8 per unit. During the year, purchases were:

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Feb. 20     300   @  $9       Aug.  12600   @   $11

May 5       500   @  $10     Dec.    8200   @   $12

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Milo Company uses a periodic inventory system. Sales totaled 1,500 units.

 

 

 

Required:

 

A.  Determine the cost of goods available for sale.

 

B.  Calculate the weighted-average unit cost.

 

C.  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)

 

D.  Which cost flow method results in (1) the lowest inventory amount for the balance sheet, and (2) the lowest cost of goods sold for the income statement?

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