Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Whispering Winds Corp. markets CDs of numerous performing artists. At the beginning of March, Whispering Winds had in beginning inventory 2,800 CDs with a unit

Whispering Winds Corp. markets CDs of numerous performing artists. At the beginning of March, Whispering Winds had in beginning inventory 2,800 CDs with a unit cost of $8. During March, Whispering Winds made the following purchases of CDs.

March 5

2,000 @ $9

March 21

5,200 @ $11

March 13

4,000 @ $10

March 26

2,000 @ $12

During March 11,900 units were sold. Whispering Winds uses a periodic inventory system.

image text in transcribed

Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $ 161600 Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average cost $ 10.1 e Textbook and Media List of Accounts 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). (Round answers to O decimal places, eg. 125.) FIFO LIFO AVERAGE-COST The ending inventory $ The cost of goods sold $

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

Hong Kong Auditing Economic Theory And Practice

Authors: Simon Fung, Ferdinard A. Gul

3rd Edition

9629372347, 978-9629372347

More Books

Students also viewed these Accounting questions

Question

9. Explain the relationship between identity and communication.

Answered: 1 week ago

Question

a. How do you think these stereotypes developed?

Answered: 1 week ago

Question

a. How many different groups were represented?

Answered: 1 week ago