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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?
Jul 19, 2017EXPERT
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