Concord Distribution markets CDs of numerous performing artists. At the beginning of March, Concord had in beginning inventory 4,500 CDs with a unit cost of $6. During March, Concord made the following purchases of CDs. March 5 5,625 $7 March 21 8,750 @ $9 March 13 7,875 @ $8 March 26 7,000 @ $10 During March 25,000 units were sold. Concord uses a periodic inventory system.
Concord Distribution markets CDs of numerous performing artists. At the beginning of March, Concord had in beginning inventory 4,500 CDs with a unit cost of $6. During March, Concord made the following purchases of CDs. March 5 5,625 $7 March 21 8,750 @ $9 March 13 7,875 @ $8 March 26 7,000 @ $10 During March 25,000 units were sold. Concord uses a periodic inventory system.
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...
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Question
![Concord Distribution markets CDs of numerous performing artists. At the beginning of March, Concord had in
beginning inventory 4,500 CDs with a unit cost of $6. During March, Concord made the following purchases of CDs.
March 5
5,625
$7
March 21
8,750
$9
March 13
7,875
$8
March 26
7,000 @ $10
During March 25,000 units were sold. Concord uses a periodic inventory system.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3aff2365-9f44-4770-b8e3-e2ed0988bbf7%2F1a787f4d-2552-49c3-8751-0f442567bc57%2F3nkxt4u_processed.png&w=3840&q=75)
Transcribed Image Text:Concord Distribution markets CDs of numerous performing artists. At the beginning of March, Concord had in
beginning inventory 4,500 CDs with a unit cost of $6. During March, Concord made the following purchases of CDs.
March 5
5,625
$7
March 21
8,750
$9
March 13
7,875
$8
March 26
7,000 @ $10
During 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 decimal
places for computations.)
FIFO
LIFO
AVERAGE-COST
The ending
72109
inventory
The cost of
$
$
206016
goods sold
%24
%24
%24
%24
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3aff2365-9f44-4770-b8e3-e2ed0988bbf7%2F1a787f4d-2552-49c3-8751-0f442567bc57%2F1p84mfc_processed.png&w=3840&q=75)
Transcribed Image Text: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 decimal
places for computations.)
FIFO
LIFO
AVERAGE-COST
The ending
72109
inventory
The cost of
$
$
206016
goods sold
%24
%24
%24
%24
%24
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