Cullumber Distribution markets CDs of numerous performing artists. At the beginning of March, Cullumber had in beginninginventory 2,800 CDs with a unit cost of $8.00. During March, Cullumber made the following purchases of CDs.March 5March 131,900 @3,200 @Cost of goods available for sale $$9.00S$10.00Determine the cost of goods available for sale.During March 11,600 units were sold. Cullumber uses a periodic inventory system.Weighted average cost per unit $eTextbook and MediaEnding inventory $March 21Calculate weighted average cost per unit. (Round answer to 3 decimal places, eg. 5.125.)Cost of goods sold $March 26eTextbook and Media iDetermine (1) the ending inventory and (2) the cost of goods sold under each of the assured cost flow methods (FIFO, LIFO, andaverage-cost). (Round answers to O decimal places, eg. 125.)FIFO5,200 @1,900$$11.00$12.00$LIFOAVERAGE-COST

FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

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 During March 11,600 units were sold. Cullumber uses a periodic inventory system. Determine the cost of goods available for sale. Weighted average cost per unit $ eTextbook and Media Calculate weighted average cost per unit. (Round answer to 3 decimal places, eg. 5.125.) Ending inventory March 21 5,200 1,900 $ March 26 Cost of goods sold $ 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) W FIFO $11.00 $12.00 LIFO AVERAGE-COST

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 During March 11,600 units were sold. Cullumber uses a periodic inventory system. Determine the cost of goods available for sale. Weighted average cost per unit $ eTextbook and Media Calculate weighted average cost per unit. (Round answer to 3 decimal places, eg. 5.125.) Ending inventory March 21 5,200 1,900 $ March 26 Cost of goods sold $ 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) W FIFO $11.00 $12.00 LIFO AVERAGE-COST

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.4DC

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