Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

what is the answer for average cost of good sold using this information Blue Spruce Distribution markets CDs of numerous performing artists. At the beginning

what is the answer for average cost of good sold using this information
image text in transcribed
image text in transcribed
Blue Spruce Distribution markets CDs of numerous performing artists. At the beginning of March, Blue Spruce had in beginning inventory 4,200 CDs with a unit cost of \$7. During March, Blue Spruce made the following purchases of CDs. During March 23,000 units were sold. Blue Spruce uses a periodic inventory system. Your answer is partially correct. 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, eg. 1,250. Use weighted-average unit cost rounded to 3 decimal places for computations.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bookkeeping And Auditing A Career Guide

Authors: Harry Watts

1st Edition

1639878106, 1639878106

More Books

Students also viewed these Accounting questions

Question

1. Organize and support your main points

Answered: 1 week ago

Question

3. Move smoothly from point to point

Answered: 1 week ago

Question

5. Develop a strong introduction, a crucial part of all speeches

Answered: 1 week ago