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I need help figuring out P6-2B 381 P6-2B Xinxin Distribution markets CDs of the performing artist Carly. At the Determine cost of cost of $7.
I need help figuring out P6-2B
381 P6-2B Xinxin Distribution markets CDs of the performing artist Carly. At the Determine cost of cost of $7. During March Xinxin made the following purchases of Carly CDs beginning of March, Xinxin had in beginning inventory 1,500 Carly CDs with a unit goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis. March 5 3,000 $8 March 13 4,500 $9 March 21 March 26 4,000@ $10 2,500@ $11 (LO 2, 3) During March, 12,000 units were sold. Xinxin uses a periodic inventory system Instructions (a) Determine the cost of goods available for sale (b) Determine (1) the ending inventory and (2) the cost of goods sold under each of (b)(2) Cost of goods sold: FIFO the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the $105,000 accuracy of the cost of goods sold under the FIFO and LIFO methods: (Round LIFO $116,000 average cost per unit to 3 decimal places.) Average $110,321 (c) Which cost flow method results in (1) the -highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement Step by Step Solution
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