Ch.7 Q6

Concord Distribution markets CDs of numerous performing artists. At the beginning of March, Concord had in beginning inventory 2,660 CDs with a unit cost of $7. During March, Concord made the following purchases of CDs. @ March 5 March 13 2.160 @ $8 3,290 @ $9 March 21 March 26 5,420 2,080 $10 $11 During March, 12.760 units were sold. Concord 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). (For calculation purposes, round average cost per unit to 3 decimal places, eg, 5.275. Round answers to decimal places, eg. 125.) FIFO LIFO AVERAGE-COST The ending inventory $ The cost of goods sold