Blue Spruce Distribution markets CDs of numerous performing artists. At the beginning of March, Blue Spruce had in beginning inventory 2.420 CCDS with a unit cost of $7. During March, Blue Spruce made the following purchases of CDs. March 5 1,800 @ $8 March 21 5,030 e $10 March 13 3,670 e $9 March 26 1,840 @ $11 During March, 12,310 units were sold. Blue Spruce uses a perlodic inventory system. (a) Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale 1349 10 eTextbook and Media List of Accounts Attempts: 1 of 3 used (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, eg 5.275. Round answers to O decimal places, e 125.) FIFO LIFO AVERAGE-COST The ending inventory The cost of goods sold

Blue Spruce Distribution markets CDs of numerous performing artists. At the beginning of March, Blue Spruce had in beginning inventory 2.420 CCDS with a unit cost of $7. During March, Blue Spruce made the following purchases of CDs. March 5 1,800 @ $8 March 21 5,030 e $10 March 13 3,670 e $9 March 26 1,840 @ $11 During March, 12,310 units were sold. Blue Spruce uses a perlodic inventory system. (a) Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale 1349 10 eTextbook and Media List of Accounts Attempts: 1 of 3 used (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, eg 5.275. Round answers to O decimal places, e 125.) FIFO LIFO AVERAGE-COST The ending inventory The cost of goods sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October, Concord had in beginning inventory 2,500 of Fishe’s CDs with a unit cost of $7. During October, Concord made the following purchases of Fishe’s CDs. Oct. 3 3,125 @ $8 Oct. 19 3,750 @ $10 Oct. 9 4,375 @ $9 Oct. 25 5,000 @ $11 During October, 13,625 units were sold. Concord uses a periodic inventory system. Determine the cost of goods available for sale. Cost of goods available for sale ? Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Weighted average cost per unit ? 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…
Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October, Concord had in beginning inventory 2,500 of Fishe’s CDs with a unit cost of $7. During October, Concord made the following purchases of Fishe’s CDs. Oct. 3 3,125 @ $8 Oct. 19 3,750 @ $10 Oct. 9 4,375 @ $9 Oct. 25 5,000 @ $11 During October, 13,625 units were sold. Concord uses a periodic inventory system. Determine the cost of goods available for sale. Cost of goods available for sale $Type your answer here
Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October, Concord had in beginning inventory 2,500 of Fishe’s CDs with a unit cost of $7. During October, Concord made the following purchases of Fishe’s CDs. Oct. 3 3,125 @ $8 Oct. 19 3,750 @ $10 Oct. 9 4,375 @ $9 Oct. 25 5,000 @ $11 During October, 13,625 units were sold. Concord uses a periodic inventory system. Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Weighted average cost per unit $Type your answer here
Cullumber Company markets CDs of numerous performing artists. At the beginning of March, Cullumber Company had in beginning inventory 2,690 CDs with a unit cost of $7. During March, Cullumber Company made the following purchases of CDs. March 5 1,810 @ $8 March 21 4,630 @ $10 March 13 3,180 @ $9 March 26 2,100 @ $11 During March 11,470 units were sold. Cullumber Company uses a periodic inventory system. Your answer is partially correct. Try again. (a) Determine the cost of goods available for sale. The cost of goods available for sale $ (b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost $ 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 0 decimal places, e.g. 125.)…
Cullumber Company markets CDs of numerous performing artists. At the beginning of March, Cullumber Company had in beginning inventory 2,690 CDs with a unit cost of $7. During March, Cullumber Company made the following purchases of CDs. March 5 1,810 @ $8 March 21 4,630 @ $10 March 13 3,180 @ $9 March 26 2,100 @ $11 During March 11,470 units were sold. Cullumber Company uses a periodic inventory system. (a) Determine the cost of goods available for sale. The cost of goods available for sale $ (b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost $
Blue Spruce Corp. markets CDs of numerous performing artists. At the beginning of March, Blue Spruce had in beginning inventory 2,600 CDs with a unit cost of $8. During March, Blue Spruce made the following purchases of CDs. March 5 2,100 @ $9 March 21 5,500 @ $11 March 13 3,700 @ $10 March 26 2,100 @ $12 During March 12,200 units were sold. Blue Spruce uses a periodic inventory system. (a) Correct answer iconYour answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $enter the cost of goods available for sale in dollars Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) (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). (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The…
Cullumber Distribution markets CDs of numerous performing artists. At the beginning of March, Cullumber had in beginning inventory 2,800 CDs with a unit cost of $8.00. During March, Cullumber made the following purchases of CDs. March 5 March 13 1,900 @ 3,200 @ Cost of goods available for sale $ $9.00 S $10.00 Determine the cost of goods available for sale. During March 11,600 units were sold. Cullumber uses a periodic inventory system. Weighted average cost per unit $ eTextbook and Media Ending inventory $ March 21 Calculate weighted average cost per unit. (Round answer to 3 decimal places, eg. 5.125.) Cost of goods sold $ March 26 eTextbook and Media i Determine (1) the ending inventory and (2) the cost of goods sold under each of the assured cost flow methods (FIFO, LIFO, and average-cost). (Round answers to O decimal places, eg. 125.) FIFO 5,200 @ 1,900 $ $11.00 $12.00 $ LIFO AVERAGE-COST
Wildhorse Distribution markets CDs of numerous performing artists. At the beginning of March, Wildhorse had in beginning inventory 2,600 CDs with a unit cost of $8.00. During March, Wildhorse made the following purchases of CDs. March 5 March 13 2,100 3,700 $9.00 $10.00 March 21 March 26 Determine the cost of goods available for sale. Cost of goods available for sale 5,500 2,100 During March 12,200 units were sold. Wildhorse uses a periodic inventory system. $11.00 $12.00
Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory 3,900 CDs with a unit cost of $7. During March, Swifty made the following purchases of CDs. March 5 March 13 (1) 4,875 @ $8 6,825 @ $9 (2) During March 21,000 units were sold. Swifty uses a periodic inventory system. ✓ Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? FIFO LIFO March 21 Average-cost March 26 eTextbook and Media 7,850 $10 5,800 @ $11 produces the highest inventory amount for the balance sheet, $ produces the highest cost of goods sold on the income statement, $
Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory 3,900 CDs with a unit cost of $7. During March, Swifty made the following purchases of CDs. March 5 March 13 4,875 (a) 6,825 $8 $9 March 21 X Your answer is incorrect. March 26 During March 21,000 units were sold. Swifty uses a periodic inventory system. Determine the cost of goods available for sale. 7,850 @ $10 $11 Cost of goods available for sale $ 5,800 181725
Novak Distribution markets CDs of numerous performing artists. At the beginning of March, Novak had in beginning inventory 2,580 CDs with a unit cost of $7. During March, Novak made the following purchases of CDs. March 5 March 13 1,910 (a) 3,230 $8 $9 March 21 March 26 During March, 11,530 units were sold. Novak uses a periodic inventory system. Determine the cost of goods available for sale. $10 2,040 @ $11 Cost of goods available for sale $ 5,070
Concord Distribution markets CDs of the performing artist Unique. At the beginning of October, Concord had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Concord made the following purchases of Unique's CDs. Oct. 3 2,500 @ $8 Oct. 19 3,000 $10 @ Oct. 9 3,500 @ $9 Oct. 25 4,000 $11 @ During October, 10,800 units were sold. Concord uses a periodic inventory system. (a) Your answer is correct. Determine the cost of goods available for sale. Cost of goods available for sale 2$ 139,500 eTextbook and Media Assistance Used eTextbook Attempts: 2 of 3 used (b1) V Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Cost per unit $4 9.3