P6-3A Eddings Company had a beginning inventory of 400

P6-3A Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year purchases were: Feb. 20 600 units @$9 Aug. 12 300 units @$11 May 5 500 units @$10 Dec. 8 200 units @$12 Eddings Company uses a periodic inventory system. Sales totaled 1500 units. Your answer is incorrect. Try again. Determine the cost of goods available for sale. $ 16100 Your answer is incorrect. Try again. Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO LIFO and average). FIFO LIFO Average Cost En din g Inv ent ory $ 1200 $ 900 $ 1006.25 Cos t of Go ods Sol d $ 14900 $ 15200 $ 15093.75 Your answer is correct. 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? Lowest inventory amount LIFO Lowest cost of goods sold FIFO
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