Concord Distribution markcets CDs of the performing artist Unique At the boginning of October,Concord had in beginninginvantory 2,000 of Unique's CDzwith a unit cost of $7. During October, Concord made the following purchasas of Unique's CDsOct 32,500Oct. 193,0002 $10Oct 93,50059Oct 254,000$11During October, 10,800 units were sold. Concord uses a'periodic inventary systam.(a)Determine the cost of goods availabla for sale.Cost of goods available for saleeTextbook and MedlaE ter LerAttempts: 0 of 5 usedSubrmit AnaAr(b1)Calculate cost per unit. Round answer to 2 decimal places, er 225)Cost per uniteTextbook and MedlaAttempts: 0 of 5 usedSubmit ArawerSave tor Lar eTextbook and MedlaSave for LaeerAttempts: 0 of 5 usedSubmit Anavwer(b2)Determine (1) the ending inventory and (2) the cost of goods sald under cach of the =ssumed cost fiaw mathods (FIFO, LIFO, andEverage-cost). (Round answers to O decimal places, eg1250)FIFOLIFOAVERAGE-COSTThe endinginventoryThe cost of gpodssoldeTextbook and MedlaSav For LaterAttempts 0 of 5 usedSubmit Anaer(c)Which costflow mathodresults in (1) the highestinventory amount for thebalance sheet and (2) the highest cost of poas soldfor the incoma statemant?(1)produces the highest imventory amount. S(2)produces tha highest cost of goods sold. S

The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Concord Distribution markcets CDs of the performing artist Unique. At the boginning of October,Concord had in beginning invantory 2,000 of Uniqud's CDz with a unit cost of $7. During October, Concord mada the followinE purchases of Unique's CDs Oct 3 2,500 S8 Oct. 19 3,000 $10 Oct 9 3,500 e S9 Oct. 25 4,000 $11 During Octobar, 10,800 units were sold. Concord uses a'periodicinvantary systam

Concord Distribution markcets CDs of the performing artist Unique. At the boginning of October,Concord had in beginning invantory 2,000 of Uniqud's CDz with a unit cost of $7. During October, Concord mada the followinE purchases of Unique's CDs Oct 3 2,500 S8 Oct. 19 3,000 $10 Oct 9 3,500 e S9 Oct. 25 4,000 $11 During Octobar, 10,800 units were sold. Concord uses a'periodicinvantary systam

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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