S
simbatschida
Guest
Classic Distribution markets CDs of numerous performing artists. At the beginning of March, Classic had in beginning inventory 1,500 CDs with a unit cost of $7. During March Classic made the following purchases of CDs.
March 5 2,000 @ $8
March 13 5,500 @ $9
March 21 6,000 @ $10
March 26 2,000 @ $11
During March 13,000 units were sold. Classic uses a periodic inventory system.
Determine the cost of goods available for sale. $
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). (For average cost round the per unit calculations to 3 decimal places. Round all answers to 0 decimal places.)
Ending Inventory
FIFO $
LIFO $
Average Cost $
Cost of Goods Sold
FIFO $
LIFO $ 127000
Average Cost $
March 5 2,000 @ $8
March 13 5,500 @ $9
March 21 6,000 @ $10
March 26 2,000 @ $11
During March 13,000 units were sold. Classic uses a periodic inventory system.
Determine the cost of goods available for sale. $
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). (For average cost round the per unit calculations to 3 decimal places. Round all answers to 0 decimal places.)
Ending Inventory
FIFO $
LIFO $
Average Cost $
Cost of Goods Sold
FIFO $
LIFO $ 127000
Average Cost $