(Solution) - Timmons Company had a beginning inventory on January 1 of -(2025 Original AI-Free Solution)

Paper Details

Timmons Company had a beginning inventory on January 1 of 100 units of Product SXL at a cost of $20 per unit. During the year, purchases were:
Mar. 15 300 units at $23
July 20 250 units at $25
Sept. 4 350 units at $28
Dec. 2 100 units at $30
Timmons Company sold 800 units, and it uses a periodic inventory system.
Instructions
(a) Determine the cost of goods available for sale.
(b) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average cost). Prove the accuracy of the cost of goods sold under each method. (Round cost per unit to three decimal places.)
(c) Which cost flow method results in the highest inventory amount for the balance sheet? The highest cost of goods sold for the income statement?