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

20-Feb 300





@ $11

5-May 500



8-Dec 200



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


(a) Determine the cost of goods available for sale.

(b) Calculate the weighted-average unit cost. (Round answer to 2 decimal places, e.g. $2.25.)

(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). (Round answers to 0 decimal places, e.g. $2,120.)

(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?