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Dunbar Distribution markets CDs of numerous performing artists. At the beginning of March, Dunbar had in beginning inventory3,563CDs with a unit cost of $10. During
Dunbar Distribution markets CDs of numerous performing artists. At the beginning of March, Dunbar had in beginning inventory3,563CDs with a unit cost of $10. During March, Dunbar made the following purchases of CDs.
March 5 | 2,850 | @ | $11 | March 21 | 7,125 | @ | $14 |
March 13 | 4,988 | @ | $13 | March 26 | 2,850 | @ | $16 |
Cost of goods available for sale: 277,174
Average Cost:12.967
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).
FIFO | LIFO | AVERAGE-COST | |
The ending inventory | ? | ? | ? |
The cost of goods sold | ? | ? | ? |
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