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Mullins Distribution markets CDs of numerous performing artists. At the beginning of March, Mullins had in beginning inventory 2,500 CDs with a unit cost of
Mullins Distribution markets CDs of numerous performing artists. At the beginning of March, Mullins had in beginning inventory 2,500 CDs with a unit cost of $6. During March, Mullins made the following purchases of CDs. March 5 3,000 @ $7 March 21 5,000 @ $ 9 March 13 3,500 @ $8 March 26 2,000 @ $10 During March, 12,000 units were sold. Mullins uses a periodic inventory system. (a) Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $ 129000 (b) Your answer is incorrect. 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). (For calculation purposes, round average cost per unit to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $
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