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Lily Distribution markets CDs of the performing artist Unique. At the beginning of October, Lily had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Lily made the following purchases of Unique's CDs. Oct. 3 2,500 @ $8 Oct. 19 3,000 @ $10 Oct. 9 3,500 @ $9 Oct. 25 4,000 @ $11 During October, 10,750 units were sold. Lily uses a periodic inventory system. (a) Your answer is incorrect. Determine the cost of goods available for sale. Cost of goods available for sale $

Lily Distribution markets CDs of the performing artist Unique. At the beginning of October, Lily had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Lily made the following purchases of Unique's CDs. Oct. 3 2,500 @ $8 Oct. 19 3,000 @ $10 Oct. 9 3,500 @ $9 Oct. 25 4,000 @ $11 During October, 10,750 units were sold. Lily uses a periodic inventory system. (a) Your answer is incorrect. Determine the cost of goods available for sale. Cost of goods available for sale $

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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Lily Distribution markets CDs of the performing artist Unique. At the beginning of October, Lily had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Lily made the following purchases of Unique's CDs. Oct. 3 2,500 @ $8 Oct. 19 3,000 @ $10 Oct. 9 3,500 @ $9 Oct. 25 4,000 @ $11 During October, 10,750 units were sold. Lily uses a periodic inventory system. (a) Your answer is incorrect. Determine the cost of goods available for sale. Cost of goods available for sale $
Transcribed Image Text:Lily Distribution markets CDs of the performing artist Unique. At the beginning of October, Lily had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Lily made the following purchases of Unique's CDs. Oct. 3 2,500 @ $8 Oct. 19 3,000 @ $10 Oct. 9 3,500 @ $9 Oct. 25 4,000 @ $11 During October, 10,750 units were sold. Lily uses a periodic inventory system. (a) Your answer is incorrect. Determine the cost of goods available for sale. Cost of goods available for sale $
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