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.

March 5		5,375	@	$ 7		March 21		8,450	@	$ 9
March 13		7,525	@	$ 8		March 26		6,600	@	$ 10

During March 23,000 units were sold. Bramble uses a periodic inventory system.

(a)

• Your Answer
• Correct Answer

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Your answer is correct.

Determine the cost of goods available for sale.

Cost of goods available for sale

$ enter the Cost of goods available for sale in dollars

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Solution

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(b1)

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Your answer is correct.

Calculate weighted-average cost per unit. (Round answer to 3 decimal places, e.g. 2.257.)

Weighted-average cost per unit

$ enter cost per unit in dollars rounded to 2 decimal places

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Attempts: 1 of 3 used

(b2)

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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.)

		FIFO		LIFO		AVERAGE-COST
The ending inventory		$ enter the ending inventory amount as per FIFO in dollars		$ enter the ending inventory amount as per LIFO in dollars		$ enter the ending inventory amount as per Average-cost in dollars
The cost of goods sold		$ enter the cost of goods sold amount as per FIFO in dollars		$ enter the cost of goods sold amount as per LIFO in dollars