AutoSave REX SUU Chapter 6 ESTUDIANTES (1) Home Insert Draw Page Layout Formulas Data Review View Tell me Share Liberation Sans 12 General want Paste 28-O. 3 a-A- $ % ) Conditional Forma Cel Formatting as Table Styles Sort Format B D E F G H 1 K L M N 1 5 6 Problem 1 grade 2 Determine cost of goods sold and ending inventory using FIFO. LIFO, and average-cost with analysis 3 Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning 4 inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs. Oct. 3 2,500 @ 8 Oct. 9 3,500 $0 Oct. 19 3,000 $10 Oct. 25 4,000 $11 10 During October, 10,900 units were sold. 11 12 Instructions 13 (a) Determine the cost of goods available for sale using the periodic inventory system. Value 18 pts. 14 (6) Determine using the periodic inventory system (1) the ending inventory and (2) 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 the FIFO and LIFO methods. Value 75 pts. 17 7 6 18 75 105 204 8 9 value 15 16 18 19 4 Chapter +