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I need help please Culver Distribution markets CDs of the performing artist Fishe. At the beginning of October, Culver had in beginning inventory 2,600 of
I need help please
Culver Distribution markets CDs of the performing artist Fishe. At the beginning of October, Culver had in beginning inventory 2,600 of Fishe's CDs with a unit cost of $7. During October, Culver made the following purchases of Fishe's CDs. Oct. 3 3,250 @ $8 Oct. 9 4,550 @ $9 Oct. 19 Oct. 25 3,900 @ $10 5,200 @ $11 During October, 14,170 units were sold. Culver uses a periodic inventory system. 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). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round answers to 0 decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 2 decimal places for computations.) FIFO LIFO AVERAGE-COST The ending inventory 74250 50820 62915 The cost of goods sold 155926 179355 167261Step by Step Solution
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