I already solved part A, just need to correct part B. Ending inventory for FIFO and Cost of good sold for FIFO ## Problem 6-02A a, b1-b2, c (Video)Flounder Distribution markets CDs of the performing artist Fishe. At the beginning of October, Flounder had in beginning inventory 2,800 of Fishe's CDs with a unit cost of $6. During October, Flounder made the following purchases.| Date | Quantity | Unit Cost ||--------|----------|-----------|| Oct. 3 | 3,500 | $7 || Oct. 9 | 4,900 | $8 || Oct. 19| 4,200 | $9 || Oct. 25| 5,600 | $10 |During October, 15,260 units were sold. Flounder uses a periodic inventory system.---### Cost of Goods Available for Sale**Your answer is correct.**Determine the cost of goods available for sale.Cost of goods available for sale: **$174,300**---### Weighted Average Cost Per Unit**Your answer is correct.**Calculate weighted average cost per unit. *(Round answer to 2 decimal places, e.g., 2.25.)*Weighted average cost per unit: **$8.33**---### Ending Inventory and Cost of Goods Sold**Your answer is partially correct. Try again.**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 all calculations to 2 decimal places, e.g., 1,250. Use weighted-average unit cost rounded to 2 decimal places for computations.)*| Method | Ending Inventory | Cost of Goods Sold ||------------|------------------|--------------------|| FIFO | $55,660 | $118,640 || LIFO | $37,380 | $136,920 || Average-Cost| $47,642 | $126,658 |---### Determination of Highest Inventory or Cost of Goods Sold**Your answer is partially correct. Try again.**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. **FIFO**

Name: I already solved part A, just need to correct part B. Ending inventory
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Description: I already solved part A, just need to correct part B. Ending inventory for FIFO and Cost of good sold for FIFO ## Problem 6-02A a, b1-b2, c (Video)Flounder Distribution markets CDs of the performing artist Fishe. At the beginning of October, Flounder

Closing stock of CDs = Opening stock + Purchases - Sales Closing stock of CDs = 2,800 + 3,500 +…

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Flounder Distribution markets CDs of the performing artist Fishe. At the beginning of October, Flounder had in beginning inventory 2,800 of Fishe's CDs with a unit cost of $6. During October, Flounder made the following purchas Oct. 3 3,500 @ $7 Oct. 19 4,200 @ $9 Oct. 9 4,900 @ $8 Oct. 25 5,600 @ $10 During October, 15,260 units were sold. Flounder uses a periodic inventory system.

Flounder Distribution markets CDs of the performing artist Fishe. At the beginning of October, Flounder had in beginning inventory 2,800 of Fishe's CDs with a unit cost of $6. During October, Flounder made the following purchas Oct. 3 3,500 @ $7 Oct. 19 4,200 @ $9 Oct. 9 4,900 @ $8 Oct. 25 5,600 @ $10 During October, 15,260 units were sold. Flounder uses a periodic inventory system.

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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Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
Hey! I need help with the following accounting problem where we have to calculate the amount of ending inventory at lower-of-cost or net realizable value with the info provided - thank you!!
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