Concord Distribution markets CDs of numerous performing artists. At the beginning of March, Concord had inbeginning inventory 4,500 CDs with a unit cost of $6. During March, Concord made the following purchases of CDs.March 55,625$7March 218,750$9March 137,875$8March 267,000 @ $10During March 25,000 units were sold. Concord uses a periodic inventory system. 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). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.(Round answers to 0 decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 3 decimalplaces for computations.)FIFOLIFOAVERAGE-COSTThe ending72109inventoryThe cost of$$206016goods sold%24%24%24%24%24

Here in this question, we are required to determine ending inventory and COGS under FIFO,LIFO and…

Answered: Concord Distribution markets CDs of…

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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