Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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
image text in transcribed
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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Guide To Local Environmental Auditing

Authors: Hugh Barton; Noel Bruder

1st Edition

1853832340, 9781853832345

More Books

Students also viewed these Accounting questions