Question
Dunbar Distribution markets CDs of numerous performing artists. At the beginning of March, Dunbar had in beginning inventory 2,600 CDs with a unit cost of
Dunbar Distribution markets CDs of numerous performing artists. At the beginning of March, Dunbar had in beginning inventory 2,600 CDs with a unit cost of $7. During March, Dunbar made the following purchases of CDs. March 5 2,080 @ $8 March 21 5,200 @ $10 March 13 3,640 @ $9 March 26 2,080 @ $11 During March 12,480 units were sold. Dunbar uses a periodic inventory system. (a) Determine the cost of goods available for sale. (a) Determine the cost of goods available for sale. (b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) 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. 125.)
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