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Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 4,840 of Uniques CDs with a
Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 4,840 of Uniques CDs with a unit cost of $7. During October, Glee made the following purchases of Uniques CDs. Oct. 3 6,050 @ $8 Oct. 19 7,260 @ $10 Oct. 9 8,470 @ $9 Oct. 25 9,680 @ $11
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).
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