Question
Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory4,920of Unique's CDs with a unit cost
Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory4,920of Unique's CDs with a unit cost of $7.During October, Glee made the following purchases of Unique's CDs.
Oct. 3 6,150@$8 Oct. 19 7,380@$10
Oct. 9 8,610@$9 Oct. 25 9,840@$11
During October,26, 814units were sold. Glee uses a periodic inventory system.
A) 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.)
The ending inventory FIFO $____ LIFO $____ average-cost $ ____
The cost of goods sold FIFO $____ LIFO $____ average-cost $ ____
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