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Bridgeport Distribution markets CDs of numerous performing artists. At the beginning of March, Bridgeport had in beginning inventory 4,400 CDs with a unit cost of
Bridgeport Distribution markets CDs of numerous performing artists. At the beginning of March, Bridgeport had in beginning inventory 4,400 CDs with a unit cost of $7. During March, Bridgeport made the following purchases of CDs. $8 March 5 March 13 5,500 7,700 March 21 March 26 8,600 6.800 @ $10 @ $11 $9 During March 24,000 units were sold. Bridgeport uses a periodic inventory system. (a) Your answer is correct. Determine the cost of goods available for sale. Cost of goods available for sale $ 304900 e Textbook and Media Attempts: 1 of 5 used (61) 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 $ 9.239 e Textbook and Media Attempts: 3 of 5 used (b2) X Your answer is incorrect. 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 $ 74800 $ 74800 $ 83886 The cost of goods sold $ 62825 $ 62825 $ 223014 e Textbook and Media Save for Later Attempts: 3 of 5 used Submit
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