Question
Lily Distribution markets CDs of the performing artist Unique. At the beginning of October, Lily had in beginning inventory2,000of Unique's CDs with a unit cost
Lily Distribution markets CDs of the performing artist Unique. At the beginning of October, Lily had in beginning inventory2,000of Unique's CDs with a unit cost of $7.During October, Lily made the following purchases of Unique's CDs.
Oct. 3..;@$8Oct. 1..;@$10Oct. 9..;@$9Oct. 254,000@$11
During October,10,750units were sold. Lily uses a periodic inventory system.
Determine the cost of goods available for sale.
Cost of goods available for sale
Calculate cost per unit.(Round answer to 2 decimal places, e.g. 2.25.)
Cost per unit
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.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started