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what is the FIFO LIFO and Average Cost in part b2? Problem 6-2A (Part Level Submission) Sheffield Distribution markets CDs of the performing artist Fishe.
what is the FIFO LIFO and Average Cost in part b2?
Problem 6-2A (Part Level Submission) Sheffield Distribution markets CDs of the performing artist Fishe. At the beginning of October, Sheffield had in beginning inventory 3,800 of Fishe's CDs with a unit cost of $7. During October, Sheffield made the following purchases of Fishe's CDs. Oct. 3 4,750 @ $8 Oct. 9 6,650 @ $9 Oct. 195,700 @ $10 Oct. 25 7,600 @ $11 During October, 20,710 units were sold. Sheffield uses a periodic inventory system. (a) Your answer is correct. Determine the cost of goods available for sale. Cost of goods available for sale 265050 (61) Your answer is correct. Calculate weighted-average cost per unit. (Round Weighted average cost per unit $ (62) X] your answer is incorrect. Try again. 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 0 decimal places, e.g. 1,250, Use weighted-average unit cost rounded to 2 decimal places for computations.) FIFO LIFO AVERAGE-COST x The ending inventory 76890 58160 65007 188167 2068900 The cost of goods sold 200013 188160 200013 A Step by Step Solution
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