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Problem 6-3 (Part Level Submission) Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory 2,530 CDs
Problem 6-3 (Part Level Submission) Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory 2,530 CDs with a unit cost of $7. During March, Swifty made the following purchases of CDs. March 5 March 13 2,180 3,550 @ @ $8 $9 March 21 March 26 5,110 2,190 @ $10 @ $11 During March 11,090 units were sold. Swifty uses a periodic inventory system. (a) (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). (For calculation purposes, round average cost 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 Click if you would like to Show Work for this question: Open Show Work
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