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please answer part B3 Problem: Doom's Day Distribution markets CDs of the performing artist Marilynn. At the beginning of October, Doom's Day had in beginning
please answer part B3
Problem: Doom's Day Distribution markets CDs of the performing artist Marilynn. At the beginning of October, Doom's Day had in beginning inventory Doom's Day made the following purchases of Marilynn's CDs. 2,000 of Marilynn's CDs with a unit cost of $7.00 During October units at units at units at units at 3-Oct 3,000 $8.00 9-Oct 5,500 9.00 4,000 18-Oct 25-Oct 10.00 2,000 11.00 During October 13,500 units were sold. Doom's Day uses a periodic inventory system. Instructions: (a) Determine the cost of g0ods available for sale. Quantity Reference Date: Unit Cost: Extended Cost: units at units at units at Date Reference Formula Reference Reference Reference Reference Reference Reference Formula Formula Reference Reference Reference Quantity: Reference Formula units at Reference Formula units at Reference Formula Formula Cost of goods available: (b)(1) Determine the ending inventory and cost of goods sold under the First-in, First-out cost flow method. Prove the accuracy of the co- of goods sold. Cost of Goods Sold Cost of goods available for sale Ending Inventory Date Unit Cost Total Cost Reference Units Reference Reference Reference Formula Reference Formula Less: Title Cost of Goods Sold Reference Formula Formula Reference Formula Formula Proof of Cost of Goods Sold Unit Cost Date Units Total Cost Formula Formula Formula Formula Formula Reference Reference Reference Reference Reference Reference Reference Formula Formula Reference Reference Reference Reference (b)(2) Determine the ending inventory and cost of goods sold under the Last-in, First-out cost flow method. Prove the accuracy of the cost of goods sold. Ending Inventory Cost of Goods Sold Cost of goods available for sale Reference Reference Formula Date Units Unit Cost Total Cost Reference Reference Reference Formula Reference Formula Title Reference Formula Title Formula Formula Proof of Cost of Goods Sold Total Cost Formula Date Units Unit Cost Reference Reference Reference Reference Reference Reference Reference Reference Reference Quantity Reference Formula Formula Formula Formula Reference Formula (b)(3) Determine the ending inventory and cost of goods sold under the Average Cost cost flow method. Total units purchased cost: Reference Title Reference Formula (Set to three decimal places.) Average unit cost Ending inventory quantity: Ending inventory value: Cost of goods sold: Cost of goods available for sale Formula Formula Formula Formula (c)(1) Which cost flow method results in the highest inventory amount for the balance sheet? Why? Exter text answer here. (c)(2) Which cost flow method results in the highest cost of goods sold for the income statement? Why? Enter text answer hereStep by Step Solution
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