Using periodic costing procedures, compute the cost of the Dec. 31 inventory and the cost of goods sold for the MP8 systems during the year under each of the following cost flow assumptions. (Round your unit cost values to 2 decimal places and final answers to the nearest whole dollar amount.) Clear Sound Audio uses a periodic inventory system. One of the store's most popular products is an MP8 car stereo system.The inventory quantities, purchases, and sales of this product for the most recent year are as follows.Inventory, Jan. 1First purchase (May 12)Second purchase (July 9)Third purchase (Oct. 4)Fourth purchase (Dec. 18)Goods available for sale.Units sold during the yearInventory, Dec. 311.2.3.Number ofUnits121521First-in, first-outLast-in, first-outAverage cost817735122Cost perUnitRequired:a. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods sold for theMP8 systems during the year under each of the following cost flow assumptions. (Round your unit cost values to 2 decimalplaces and final answers to the nearest whole dollar amount.)December 31 Cost of GoodsInventorySold$299306308315320Total Cost$3,5884,5906,4682,5205,440$22,606

Name: Using periodic costing procedures, compute the cost of the Dec. 31 inv
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Using periodic costing procedures, compute the cost of the Dec. 31 inventory and the cost of goods sold for the MP8 systems during the year under each of the following cost flow assumptions. (Round your unit cost values to 2 decimal places and final