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
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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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
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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