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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