Question

CALCULATOR PRINTER VERSION Problem 6-2A Pearl Industries markets CDs of numerous performing artists. At the beginning of Marc
Is Kimmel, Accounting, 6e Help System Announcements CALCULATOR PRINTER VERSION BACK Determine (1) the ending Inventory and (2
0 0
Add a comment Improve this question Transcribed image text
Answer #1
Answer
Answer A Units Amount per unit ($) Total Amount ($)
. Beginning inventory $     2,460 $              7 $    17,220
Purchases:
Mar-05 $     2,120 $              8 $    16,960
Mar-13 $     3,450 $              9 $    31,050
Mar-21 $     4,700 $            10 $    47,000
Mar-26 $     2,020 $            11 $    22,220
Cost of goods sold $   14,750 $ 1,34,450
Answer B 1B. Average cost = $134,450 / 14,750 = $9.115
Units in ending inventory = 14,750 - 11,390 = 3,360
Answer B1 FIFO Method-
Ending Inventory - (2,020 * $11) + (1,340 * $10) = $35,620
COGS- $134,450 - $35,620 = $98,830
Answer B-2 LIFO Method-
Ending Inventory - (2,460 * $7) + (900 * $8) = $24,420
COGS- $134,450 - $24,420 = $110,030
Answer B-3 Average cost-
Ending inventory - 3,360 * $9.115 = $30,626
COGS- $134,450 - $30,626 = $103,824
Add a comment
Know the answer?
Add Answer to:
CALCULATOR PRINTER VERSION Problem 6-2A Pearl Industries markets CDs of numerous performing artists. At the beginning...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Waterway Industries markets CDs of numerous performing artists. At the beginning of March, Waterway had in...

    Waterway Industries markets CDs of numerous performing artists. At the beginning of March, Waterway had in beginning inventory 2.500 CDs with a unit cost of $6. During March Waterway made the following purchases of CDs. March 5 2.200 @ $7 @ March 21 March 26 5,200 2,200 $9 $10 March 13 3,900 @ $8 @ During March 12,200 units were sold. Waterway uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available...

  • Current Attempt in Progress Coronado Industries markets CDs of numerous performing artists. At the beginning of...

    Current Attempt in Progress Coronado Industries markets CDs of numerous performing artists. At the beginning of March, Coronado had in beginning inventory 2.800 CDs with a unit cost of $8. During March, Coronado made the following purchases of CDs. March 5 March 13 2,200 @ 3,400 @ $9 $10 March 21 5,400 March 26 2,200 @ $11 $12 During March 11,600 units were sold. Coronado uses a periodic inventory system. Determine the cost of goods available for sale. The cost...

  • Problem 6-2A Grouper Corp. markets CDs of numerous performing artists. At the beginning of March, Grouper...

    Problem 6-2A Grouper Corp. markets CDs of numerous performing artists. At the beginning of March, Grouper Corp. had in beginning inventory 2,470 CDs with a unit cost of $7. During March, Grouper Corp. made the following purchases of CDs. March 5 2,090 8 March 21 5,110$10 March 13 3,570 9March 26 2,180$11 During March 12,280 units were sold. Grouper Corp. uses a periodic inventory system (a) Determine the cost of goods available for sale. The cost of goods available for...

  • Coronado Industries markets CDs of numerous performing artists. At the beginning of March, Coronado had in...

    Coronado Industries markets CDs of numerous performing artists. At the beginning of March, Coronado had in beginning inventory 2,800 CDs with a unit cost of $8. During March, Coronado made the following purchases of CDs. March 5 2,200 @ $9 March 21 5,400 @ $11 March 13 3,400 @ $10 March 26 2,200 @ $12 During March 11,600 units were sold. Coronado uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available...

  • Problem 6-2A (Part Level Submission) Buffalo Industries markets CDs of numerous performing artists. At the beginning...

    Problem 6-2A (Part Level Submission) Buffalo Industries markets CDs of numerous performing artists. At the beginning of March, Buffalo Industries had in beginning inventory 2,670 CDs with a unit cost of $7. During March, Buffalo Industries made the following purchases of CDs. March 5 2,040 @ $8 March 21 5,150 @ $10 March 13 3,820 @ $9 March 26 1,930 @ $11 During March 12,440 units were sold. Buffalo Industries uses a periodic inventory system. Determine (1) the ending inventory...

  • Concord Corporation markets CDs of numerous performing artists. At the beginning of March, Concord had in...

    Concord Corporation markets CDs of numerous performing artists. At the beginning of March, Concord had in beginning inventory 2.500CDs with a unit cost of $6. During March, Concord made the following purchases of CDs. March 2,200 March 13 3,900 $7 $8 March 21 5.200 March 26 2,200 $9 $30 During March 12.200 units were sold. Concord uses a periodic inventory system Determine the cost of goods able for sale The cost of ads available for sale $ 130100 Calculate werage...

  • Problem 6-02A Marigold Corp. markets CDs of numerous performing artists. At the beginning of March, Marigold...

    Problem 6-02A Marigold Corp. markets CDs of numerous performing artists. At the beginning of March, Marigold had in beginning inventory 2,700 CDs with a unit cost of $7. During March, Marigold made the following purchases of CDs. March 5 March 13 1,900 3,500 @ @ $8 $9 March 21 March 26 5,000 1,900 @ @ $10 $11 During March 12,000 units were sold. Marigold uses a periodic inventory system. Your answer is correct. Determine the cost of goods available for...

  • Bramble Corp. markets CDs of numerous performing artists. At the beginning of March, Bramble had in...

    Bramble Corp. markets CDs of numerous performing artists. At the beginning of March, Bramble had in beginning inventory 2,700 CDs with a unit cost of $6. During March, Bramble made the following purchases of CDs. March 5 2,000 @ $7 March 21 4,600 @ $9 March 13 3,700 @ $8 March 26 2,000 @ $10 During March 11,900 units were sold. Bramble uses a periodic inventory system. (a) Your Answer Correct Answer Partially correct answer iconYour answer is partially correct....

  • Kingbird, Inc.markets CDs of numerous performing artists. At the beginning of March, Kingbird had in beginning...

    Kingbird, Inc.markets CDs of numerous performing artists. At the beginning of March, Kingbird had in beginning inventory 2,500 CDs with a unit cost of $8. During March, Kingbird made the following purchases of CDs. March 5 March 13 2,000 @ 4,000 @ $9 $10 March 21 4,500 @ $11 March 26 2.000 $12 During March 12,100 nits were sold. Kingbird uses a periodic inventory system. Your answer is partially correct. Determine the cost of goods available for sale. The cost...

  • P6-3 Mullins Distribution markets CDs of numerous performing artists. At the beginning of March, Mullins had...

    P6-3 Mullins Distribution markets CDs of numerous performing artists. At the beginning of March, Mullins had in beginning inventory 2,500 CDs with a unit cost of $7. During March, Mullins made the following purchases of CDs. March 5 March 13 2,000 @ $8 3,500 @ $9 March 215,000 @ $10 March 26 2,000 @ $11 During March 12,000 units were sold. Mullins uses a periodic inventory system. Instructions (a) Determine the cost of goods available for sale. (b) Determine (1)...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT