Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6-02A a, b1-b2, c (Part Level Submission) (Video) Swifty Distribution markets CDs of the performing artist Unique. At the beginning of October, Swifty had in

6-02A a, b1-b2, c (Part Level Submission) (Video) Swifty Distribution markets CDs of the performing artist Unique. At the beginning of October, Swifty had in beginning inventory 2,00C Unique's CDs with a unit cost of $7. During October, Swifty made the following purchases of Unique's CDs. Oct. 3 2,500 $8 Oct. 19 3,000 $10 Oct. 9 3,500 @ $9 Oct. 25 4,000 @ $11 During October, 10,700 units were sold. Swifty uses a periodic inventory system. (a) Your answer is correct. Determine the cost of goods available for sale. Cost of goods available for sale 139,500 (b1) Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Cost per unit 9.30 (62) 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. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory The cost of goods sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bookkeeping And Cost Accounting For Factories

Authors: William Kent, John Wiley And Sons, Chapman And Hall

1st Edition

102189897X, 978-1021898975

More Books

Students also viewed these Accounting questions