Question
Crane Distribution markets CDs of the performing artist Unique. At the beginning of October, Crane had in beginning inventory 2,000 of Uniques CDs with a
Crane Distribution markets CDs of the performing artist Unique. At the beginning of October, Crane had in beginning inventory 2,000 of Uniques CDs with a unit cost of $5. During October, Crane 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, 10,900 units were sold. Crane 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.)
FIFO | LIFO | AVERAGE-COST | ||||
---|---|---|---|---|---|---|
The ending inventory | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 0 decimal places | |||
The cost of goods sold | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 0 decimal places | $enter a dollar amount rounded to 0 decimal places |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started