Ziad Company began the year with 216 units of inventory at $19 per unit. During the year they purchased additional inventory in several transactions at different costs totaling 1,800 units. They sold 1,440 units. Using FIFO, LIFO, and average costing methods, determine the ending inventory and cost of goods sold under each method based on the beginning inventory, purchases and sales during the year.

1. 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.
1,440 units were sold. Ziad Company uses a periodic inventory system.
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
Mar. 15 576 units at $21 Sept. 4 504 units at $24
July 20 360 units at $22 Dec. 2 144 units at $27
Solution
FIFO Method:
LIFO Method:
Average Cost Method:
Date No. of Units Rate Total
Jan 1 216 19 4,104
Mar15 576 21 12,096
July 20 360 22 7,920
Sep.04 504 24 12,096
Dec.02 144 27 3,888
Total 1,800 40,104