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Cullumber Company markets CDs of numerous performing artists. At the beginning of March, Cullumber Company had in beginning inventory 2,690 CDs with a unit cost
Cullumber Company markets CDs of numerous performing artists. At the beginning of March, Cullumber Company had in beginning inventory 2,690 CDs with a unit cost of $7. During March, Cullumber Company made the following purchases of CDs. @ $8 @ $10 March 5 March 13 1,810 3,180 March 21 March 26 4,630 2,100 $9 $11 During March 11,470 units were sold. Cullumber Company uses a periodic inventory system. (a) Determine the cost of goods available for sale. The cost of goods available for sale $ (b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost 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 o decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory $ The cost of goods sold $ $ $
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