Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory 3,900 CDs with a unit cost of $7. During March, Swifty made the following purchases of CDs. March 5 March 13. 4,875 $8 6,825 @ $9 March 21 March 26 7,850 @ $10 5,800 @ $11 During March 21,000 units were sold. Swifty uses a periodic inventory system. 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?

Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory 3,900 CDs with a unit cost of $7. During March, Swifty made the following purchases of CDs. March 5 March 13. 4,875 $8 6,825 @ $9 March 21 March 26 7,850 @ $10 5,800 @ $11 During March 21,000 units were sold. Swifty uses a periodic inventory system. 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?

Name: Swifty Distribution markets CDs of numerous performing artists. At th
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Description: Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory3,900 CDs with a unit cost of $7. During March, Swifty made the following purchases of CDs.March 5March 13(1)4,875 @ $86,825

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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