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Grouper Distribution markets CDs of numerous performing artists. At the beginning of March, Grouper had in beginning inventory 2,900 CDs with a unit cost of $6. During March, Grouper made the following purchases of CDs. March 5 March 13 $7 5,075 @ $8 (a) 3,625 March 21 * Your answer is incorrect. March 26 During March 16,000 units were sold. Grouper uses a periodic inventory system. Determine the cost of goods available for sale. 6,350 @ $9 $10 Cost of goods available for sale $ 3,800 1400

Grouper Distribution markets CDs of numerous performing artists. At the beginning of March, Grouper had in beginning inventory 2,900 CDs with a unit cost of $6. During March, Grouper made the following purchases of CDs. March 5 March 13 $7 5,075 @ $8 (a) 3,625 March 21 * Your answer is incorrect. March 26 During March 16,000 units were sold. Grouper uses a periodic inventory system. Determine the cost of goods available for sale. 6,350 @ $9 $10 Cost of goods available for sale $ 3,800 1400

FINANCIAL ACCOUNTING
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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Grouper Distribution markets CDs of numerous performing artists. At the beginning of March, Grouper had in beginning inventory 2,900 CDs with a unit cost of $6. During March, Grouper made the following purchases of CDs. March 5 March 13 3,625 $7 5,075 @ $8 (a) X Your answer is incorrect. March 21 During March 16,000 units were sold. Grouper uses a periodic inventory system. March 26 Cost of goods available for sale Determine the cost of goods available for sale. 6,350 $9 3,800 (@ $10 1400
Transcribed Image Text:Grouper Distribution markets CDs of numerous performing artists. At the beginning of March, Grouper had in beginning inventory 2,900 CDs with a unit cost of $6. During March, Grouper made the following purchases of CDs. March 5 March 13 3,625 $7 5,075 @ $8 (a) X Your answer is incorrect. March 21 During March 16,000 units were sold. Grouper uses a periodic inventory system. March 26 Cost of goods available for sale Determine the cost of goods available for sale. 6,350 $9 3,800 (@ $10 1400
Novak Corp. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 (a1) July 1 July 6 July 11 July 14 July 21 July 27 $ Units $ Purchases $ $ 7 Your answer is partially correct. $ 3 Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 3 decimal places, e.g. 15.125.) 4 Unit Cost $70 $75 $80 219 Sales Units 66.571 266.284 70 70 5 73 3 3
Transcribed Image Text:Novak Corp. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Date July 1 July 6 July 11 July 14 July 21 July 27 (a1) July 1 July 6 July 11 July 14 July 21 July 27 $ Units $ Purchases $ $ 7 Your answer is partially correct. $ 3 Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 3 decimal places, e.g. 15.125.) 4 Unit Cost $70 $75 $80 219 Sales Units 66.571 266.284 70 70 5 73 3 3
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