Question
Whispering Winds Distribution markets CDs of numerous performing artists. At the beginning of March, Whispering Winds had in beginning inventory 2,310 CDs with a unit
Whispering Winds Distribution markets CDs of numerous performing artists. At the beginning of March, Whispering Winds had in beginning inventory 2,310 CDs with a unit cost of $7. During March, Whispering Winds made the following purchases of CDs.
March 5 - 1,880 @ $8 March 21 - 5,060 @ $10
March 13 - 3,720 @ $9 March 26 - 2,060 @ $11
During March, 10,900 units were sold. Whispering Winds uses a periodic inventory system.
A) Determine the cost of goods available for sale
The cost of goods available for sale $137950
B) 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). (For calculation purposes, round average cost per unit to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125)
The ending inventory for FIFO, LIFO, Average cost
The cost of goods sold for FIFO, LIFO, Average cost.
No idea how to figure it out the ending inventory or cost of goods. Please help!
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