Question
Bridgeport Distribution markets CDs of numerous performing artists. At the beginning of March, Bridgeport had in beginning inventory 2,390 CDs with a unit cost of
Bridgeport Distribution markets CDs of numerous performing artists. At the beginning of March, Bridgeport had in beginning inventory 2,390 CDs with a unit cost of $7. During March, Bridgeport made the following purchases of CDs.
March 5 2,130 @ $8March 21 4,650 @ $10March 13 3,690 @ $9March 26 2,140 @ $11 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
During March, 12,280 units were sold. Bridgeport uses a periodic inventory system.
Determine the cost of goods available for sale.
2) 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). (For calculation purposes, round average cost per unit to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.)
Ending Inventory for:
Fifo
Lifo
Average cost
The cost of golds sold for:
Fifo
Lifo
Average cost
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