Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Blue Spruce Distribution markets CDs of the performing artist Fishe. At the beginning of October, Blue Spruce had in beginning inventory 4.200 of Fishe's CDs
Blue Spruce Distribution markets CDs of the performing artist Fishe. At the beginning of October, Blue Spruce had in beginning inventory 4.200 of Fishe's CDs with a unit cost of $7. During October, Blue Spruce made the following purchases of Fishe's CDs. mite- Oct. 3 5,250 @ $8 Oct. 9 7,350 @ $9 Oct. 19 6,300 @ $10 Oct. 25 8,400 @ $11 arse During October, 22,890 units were sold. Blue Spruce uses a periodic inventory system Determine the cost of goods available for sale. Cost of goods available for sale $ e Textbook and Media Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.. 2.25.) Weighted average cost per unit $ e Textbook and Media Determine (i) 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. (Round answers to decimal places, s. 1,250. Use weighted average unit cost rounded to 2 decimal places for computations.) FIFO LIFO AVERAGE-COST The ending inventory $ The cost of goods sold 5 eTextbook and Media Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? results in the highest inventory amount, $ (2) results in the highest cost of goods sold, $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started