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(solution)- Laramie Distribution markets CDs


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Laramie Distribution markets CDs of numerous performing artists. At the beginning of March, Laramie had in beginning inventory 3,385 CDs with a unit cost of $9. During March Laramie made the following purchases of CDs.?





March 5 2,708 @ $11 March 21 5,416 @ $14?

March 13 7,447 @ $12 March 26 2,708 @ $15?



During March 17,602 units were sold. Laramie uses a periodic inventory system.?



(a) Determine the cost of goods available for sale.?



$?



(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 average cost round the per unit calculations to 3 decimal places, e.g. 5.355. Round all answers to 0 decimal places, e.g. 22,657.)?





FIFO LIFO Average Cost?

Ending Inventory $ $ $?

Cost of Goods Sold $ $ $?



(c) Which cost flow method results in the highest inventory amount for the balance sheet??







Which cost flow method results in the highest cost of goods sold for the income statement?

 


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Question

 

xxxxxxx xxxxxxxxxxxx xxxxxxx xxx xx numerous performing xxxxxxxx xx the xxxxxxxxx xx xxxxxx xxxxxxx xxx xx beginning inventory 3,385 CDs with x unit cost of xxx During xxxxx Laramie made the xxxxxxxxx xxxxxxxxx xx CDs.?

 

xxxxx x xxxxx @ xxx xxxxx xx xxxxx x xxx?

 

xxxxx 13 xxxxx x xxx March 26 2,708 x $15?

 

During xxxxx xxxxxx xxxxx xxxx xxxxx xxxxxxx uses x xxxxxxxx xxxxxxxxx system.?

 

xxx Determine the cost of goods xxxxxxxxx xxx xxxxx?

 

$?

 

(b) Determine (1) xxx xxxxxx inventory xxx xxx xxx cost of goods sold xxxxx each xx xxx assumed xxxx xxxx methods (FIFO, LIFO, xxx xxxxxxx xxxxxx xxxx xxxxxxx cost round the per xxxx calculations to 3 xxxxxxx places, xxxx 5.355. Round all xxxxxxx to x xxxxxxx places, xxxx xxxxxxxx?

 

xxxx LIFO Average Cost?

 

xxxxxx xxxxxxxxx $ $ $?

 

xxxx xx xxxxx Sold x $ $?

 

(c) xxxxx xxxx flow xxxxxx results in xxx xxxxxxx inventory amount xxx xxx xxxxxxx xxxxxx?

 

Which cost xxxx xxxxxx results in xxx highest xxxx xx xxxxx sold xxx xxx xxxxxx

 

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This paper was answered on 19-Jul-2017

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