Problem 6-2A (Part Level Submission)

Cheyenne Corp. markets CDs of numerous performing artists. At the beginning of March, Cheyenne Corp. had in beginning inventory2,390CDs with a unit cost of $7. During March, Cheyenne Corp. made the following purchases of CDs.

March 5	2,030	@	$8	March 21	5,060	@	$10
March 13	3,260	@	$9	March 26	1,800	@	$11

During March11,470units were sold. Cheyenne Corp. uses a periodic inventory system.

(a)Determine the cost of goods available for sale.

The cost of goods available for sale

$ 132,710

(b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.)

Average Cost

$ 9.127

(b) 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	$	$	$