Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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!

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

Monitoring And Auditing Practices For Effective Compliance

Authors: John E. Steiner

2nd Edition

0977843017, 978-0977843015

More Books

Students also viewed these Accounting questions

Question

Print the first 2 0 integers to the nth power c + +

Answered: 1 week ago

Question

=+A1, A2 ,... such that A ,, has probability p ,.

Answered: 1 week ago