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Bramble Distribution markets CDs of numerous performing artists. At the beginning of March, Bramble had in beginning inventory 4,300 CDs with a unit cost of
Bramble Distribution markets CDs of numerous performing artists. At the beginning of March, Bramble had in beginning inventory 4,300 CDs with a unit cost of $6. During March, Bramble made the following purchases of CDs. During March 23,000 units were sold. Bramble uses a periodic inventory system. 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). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round answers to 0 decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 3 decimal places for computations.)
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