Question
Express Distribution markets CDs of the performing artist Fishe. At the beginning of October, Express had in beginning inventory 3,700 of Fishes CDs with a
Express Distribution markets CDs of the performing artist Fishe. At the beginning of October, Express had in beginning inventory 3,700 of Fishes CDs with a unit cost of $6. During October, Express made the following purchases of Fishes CDs.
Oct. 3 - 4,625 @ $7
Oct. 19 - 5,550 @ $9
Oct. 9 - 6,475 @ $8
Oct. 25 - 7,400 @ $10
During October, 20,165 units were sold. Express uses a periodic inventory system.
Determine the cost of goods available for sale.
Cost of goods available for sale: $230,325
Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.)
Cost per unit: $8.3
I NEED HELP HERE
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. Use weighted-average unit cost rounded to 2 decimal places for computations.)
The cost of the ending inventory $ FIFO $ LIFO $ Average-cost
The cost of goods sold $ FIFO $ LIFO $ Average-cost
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