CAN SOMEONE HELP ME FILL OUT THIS CHART? Vaughn Distribution markets CDs of the performing artist Unique. At the beginning of October, Vaughn had in beginning inventory 2,000 of Unique’s CDs with a unit cost of $5. During October, Vaughn made the following purchases of Unique’s CDs.Oct. 3 2,500 @ $6 Oct. 19 3,000 @ $8Oct. 9 3,500 @ $7 Oct. 25 4,000 @ $9During October, 10,850 units were sold. Vaughn 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 soldfor the income statement?(1)produces the highest inventory amount, $(2)v produces the highest cost of goods sold, $

The various methods used to measure the inventory : 1. FIFO 2. LIFO 3. Weighted average method

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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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CAN SOMEONE HELP ME FILL OUT THIS CHART?

Vaughn Distribution markets CDs of the performing artist Unique. At the beginning of October, Vaughn had in beginning inventory 2,000 of Unique’s CDs with a unit cost of $5. During October, Vaughn made the following purchases of Unique’s CDs.

Oct. 3		2,500	@	$6		Oct. 19		3,000	@	$8
Oct. 9		3,500	@	$7		Oct. 25		4,000	@	$9

During October, 10,850 units were sold. Vaughn 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?
(1)
produces the highest inventory amount, $
(2)
v produces the highest cost of goods sold, $

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