Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sunland Distribution markets CDs of the performing artist Unique. At the beginning of October, Sunland had in beginning inventory 2,000 of Unique's CDs with a
Sunland Distribution markets CDs of the performing artist Unique. At the beginning of October, Sunland had in beginning inventory 2,000 of Unique's CDs with a unit cost of $5. During October, Sunland made the following purchases of Unique's CDs. Oct. 3 2,500 @ $6 Oct. 19 3,000 @ $8 Oct. 9 3,500 @ $7 Oct. 25 4,000 @ $9 During October, 10,750 units were sold. Sunland uses a periodic inventory system. (a) Your answer is correct. Determine the cost of goods available for sale. Cost of goods available for sale (b1) eTextbook and Media Your answer is correct. $ 109500 Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Cost per unit $ 7.30 Attempts: 1 of 3 used AVERAGE-COST 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 O decimal places, e.g. 1,250.) (b2) FIFO LIFO The ending inventory $ $ The cost of goods sold $ (A $ LA A
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started