Cullumber Distribution markets CDs of numerous performing artists. At the beginning of March, Cullumber had in beginning inventory 2,800 CDs with a unit cost of $8.00. During March, Cullumber made the following purchases of CDs. March 5 March 13 1,900 @ 3,200 @ Cost of goods available for sale $ $9.00 S $10.00 During March 11,600 units were sold. Cullumber uses a periodic inventory system. Determine the cost of goods available for sale. Weighted average cost per unit $ eTextbook and Media Calculate weighted average cost per unit. (Round answer to 3 decimal places, eg. 5.125.) Ending inventory March 21 5,200 1,900 $ March 26 Cost of goods sold $ 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). (Round answers to O decimal places, eg 125) W FIFO $11.00 $12.00 LIFO AVERAGE-COST
Cullumber Distribution markets CDs of numerous performing artists. At the beginning of March, Cullumber had in beginning inventory 2,800 CDs with a unit cost of $8.00. During March, Cullumber made the following purchases of CDs. March 5 March 13 1,900 @ 3,200 @ Cost of goods available for sale $ $9.00 S $10.00 During March 11,600 units were sold. Cullumber uses a periodic inventory system. Determine the cost of goods available for sale. Weighted average cost per unit $ eTextbook and Media Calculate weighted average cost per unit. (Round answer to 3 decimal places, eg. 5.125.) Ending inventory March 21 5,200 1,900 $ March 26 Cost of goods sold $ 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). (Round answers to O decimal places, eg 125) W FIFO $11.00 $12.00 LIFO AVERAGE-COST
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.4DC
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![Cullumber Distribution markets CDs of numerous performing artists. At the beginning of March, Cullumber had in beginning
inventory 2,800 CDs with a unit cost of $8.00. During March, Cullumber made the following purchases of CDs.
March 5
March 13
1,900 @
3,200 @
Cost of goods available for sale $
$9.00
S
$10.00
Determine the cost of goods available for sale.
During March 11,600 units were sold. Cullumber uses a periodic inventory system.
Weighted average cost per unit $
eTextbook and Media
Ending inventory $
March 21
Calculate weighted average cost per unit. (Round answer to 3 decimal places, eg. 5.125.)
Cost of goods sold $
March 26
eTextbook and Media i
Determine (1) the ending inventory and (2) the cost of goods sold under each of the assured cost flow methods (FIFO, LIFO, and
average-cost). (Round answers to O decimal places, eg. 125.)
FIFO
5,200 @
1,900
$
$11.00
$12.00
$
LIFO
AVERAGE-COST](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1b8a59c4-8aad-43e5-9864-c65a7693fffc%2F4ca8239c-924d-457d-93b3-fefdb9336e06%2Fq05gxwq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Cullumber Distribution markets CDs of numerous performing artists. At the beginning of March, Cullumber had in beginning
inventory 2,800 CDs with a unit cost of $8.00. During March, Cullumber made the following purchases of CDs.
March 5
March 13
1,900 @
3,200 @
Cost of goods available for sale $
$9.00
S
$10.00
Determine the cost of goods available for sale.
During March 11,600 units were sold. Cullumber uses a periodic inventory system.
Weighted average cost per unit $
eTextbook and Media
Ending inventory $
March 21
Calculate weighted average cost per unit. (Round answer to 3 decimal places, eg. 5.125.)
Cost of goods sold $
March 26
eTextbook and Media i
Determine (1) the ending inventory and (2) the cost of goods sold under each of the assured cost flow methods (FIFO, LIFO, and
average-cost). (Round answers to O decimal places, eg. 125.)
FIFO
5,200 @
1,900
$
$11.00
$12.00
$
LIFO
AVERAGE-COST
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