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Coronado Distribution markets CDs of the performing artist Unique. At the beginning of October, Coronado had in beginning inventory 2,000 of Uniques CDs with a
Coronado Distribution markets CDs of the performing artist Unique. At the beginning of October, Coronado had in beginning inventory 2,000 of Uniques CDs with a unit cost of $5. During October, Coronado made the following purchases of Uniques CDs.
Oct. 3 | 2,500 | @ | $6 | Oct. 19 | 3,000 | @ | $8 | |||
---|---|---|---|---|---|---|---|---|---|---|
Oct. 9 | 3,500 | @ | $7 | Oct. 25 | 4,000 | @ | $9 |
During October, 10,700 units were sold. Coronado 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). (Round answers to 0 decimal places, e.g. 1,250.)
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