Question
Oriole Company markets CDs of numerous performing artists. At the beginning of March, Oriole had in beginning inventory 2,600 CDs with a unit cost of
Oriole Company markets CDs of numerous performing artists. At the beginning of March, Oriole had in beginning inventory 2,600 CDs with a unit cost of $8. During March, Oriole made the following purchases of CDs.
March 5 | 2,100 | @ | $9 | March 21 | 5,500 | @ | $11 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
March 13 | 3,700 | @ | $10 | March 26 | 2,100 | @ | $12 |
During March 12,000 units were sold. Oriole 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). (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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