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Please HELP! What are the answers to question 2A? Thanks. P6-2A Glee Distribution markets CDs of the performing artist Unique. At the beginning of Detenmine
Please HELP! What are the answers to question 2A? Thanks.
P6-2A Glee Distribution markets CDs of the performing artist Unique. At the beginning of Detenmine cost of goods sold October, Glee had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. and ending inventory using During October, Glee made the following purchases of Unique's CDs FIFO, LIFO, and average-cost with analysis. Oct. 3 2,500@ $8 Oct.9 3,500@ $9 Oct. 19 3,000@ $10 Oct. 25 4,000@ $11 (LO 2) During October, 10,900 units were sold. Glee uses a periodic inventory system Instructions (a) Determine the cost of goods available for sale. (b) Determine (1) the ending inventory and (2) the cost of goods sold under each of the CD assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the (b)(2) Cost of goods sold: cost of goods sold under the FIFO and LIFO methods. FIFO $ 94,500 (c) Which cost flow method results in (1) the highest inventory amount for the balance LFO $108,700 sheet and (2) the highest cost of goods sold for the income statement? Average $101,370 Step by Step Solution
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