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Type or paste question here Grouper Distribution markets CDs of numerous performing artists. At the beginning of March, Grouper had in beginning inventory 2,900 CDs
Type or paste question here
Grouper Distribution markets CDs of numerous performing artists. At the beginning of March, Grouper had in beginning inventory 2,900 CDs with a unit cost of $6. During March, Grouper made the following purchases of CDs. March 5 3,625 $7 March 21 6,350 @ $9 March 13 5,075 @ $8 March 26 3,800 @ $10 During March 16,000 units were sold. Grouper uses a periodic inventory system. Your answer is incorrect. 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). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round answers to O decimal places, e.g. 1,250. Use weighted average unit cost rounded to 3 decimal places for computations.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $Step by Step Solution
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