Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marigold Distribution markets CDs of the performing artist Fishe. At the beginning of October. Marigold had in beginning inventory 3,000 of Fishe's CDs with a

image text in transcribed
image text in transcribed
Marigold Distribution markets CDs of the performing artist Fishe. At the beginning of October. Marigold had in beginning inventory 3,000 of Fishe's CDs with a unit cost of $7. During October, Marigold made the following purchases of Fishe's CDs. Oct. 3 3,750 $8 Oct. 19 4,500 $10 Oct. 9 5.250 59 Oct. 25 6.000 $11 During October 16,350 units were sold. Marigold 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 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 67350 $ $ The cost of goods sold 141900 $

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_2

Step: 3

blur-text-image_3

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

Auditing And Financial Management Federal Information System Controls Audit Manual

Authors: U.S. Government Accountability Office

1st Edition

1289168172, 978-1289168179

More Books

Students also viewed these Accounting questions

Question

Why We Form Relationships Managing Relationship Dynamics?

Answered: 1 week ago