Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
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, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory $ The cost of goods sold Blue Spruce Distribution markets CDs of numerous performing artists. At the beginning of March. Blue Spruce had in beginning inventory 2.420 CDs with a unit cost of $7. During March, Blue Spruce made the following purchases of CDs. March 5 March 13 1.800 3,670 @ $8 @ $9 March 21 March 26 5,030 @ $10 1,840 @ $11 During March, 12,310 units were sold. Blue Spruce uses a periodic inventory system (a) Your answer is correct Determine the cost of goods available for sale $ 134910 The cost of goods available for sale

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Control Systems Performance Measurement Evaluation And Incentives

Authors: Kenneth Merchant, Wim Van Der Stede

4th Edition

1292110554, 978-1292110554

More Books

Students also viewed these Accounting questions

Question

9.7 List and briefly discuss four management development methods.

Answered: 1 week ago