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Cost of goods available for sale: $130725 Weighted-average cost per unit: $8.30 Ayayai Distribution markets CDs of the performing artist Fishe. At the beginning of
Cost of goods available for sale: $130725
Weighted-average cost per unit: $8.30
Ayayai Distribution markets CDs of the performing artist Fishe. At the beginning of October, Ayayai had in beginning inventory 2,100 of Fishe's CDs with a unit cost of $6. During October, Ayayai made the following purchases of Fishe's CDs. Oct. 3 2,625 @ $7 Oct. 9 3,675 @ $8 Oct. 193,150 @ $9 Oct. 25 4,200 @ $10 During October, 11,445 units were sold. Ayayai 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). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round answers to o decimal places, e.g. 1,250. Use weighted average unit cost rounded to 2 decimal places for computations.) FIFO LIFO AVERAGE-COST The ending inventory 42945 24360 35731.50 The cost of goods sold 87780 106365 94993.50Step by Step Solution
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