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Problem 5 – 3 4Flounder Corp . had a beginning inventory of }2 units of Product R.ST at a cost of $ 7 per unit . During the year , purchases were :”FEB . 20537units at$ 8ALIJ . 12372units at$ 10May 5520units at$9DEC . 898units at$ 1 1Flounder Corp . Uses a periodic inventory system . Sales totaled 1 , 600 units .( @ ) Determine the cost of goods available for sale .The cost of goods available for sale`( b ) Calculate Average Cost . ( Round answer to 3 decimal places , E . g. 5. 125. )Average CostDetermine the ending inventory and the cost of goods sold under each of the assumed cost flow methods ( FIFO , LIFO , and average – cost ) . ( Round answers to O decimal places , e .g. 150 . )FIFOLIFOAVERAGE- COSTThe ending inventory*5The cost of goods sold`Which cost flow method results in the lowest inventory amount for the balance sheet ? The lowest cost of goods sold for the income statement ?”results in the lowest inventory amount for the balance sheet .results in the lowest cost of goods sold for the income statement .Click if you would like to Show Work for this question : Open Show Work
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