Homework Answers
| 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 | ||||
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CALCULATOR PRINTER VERSION Problem 6-2A Pearl Industries markets CDs of numerous performing artists. At the beginning...
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Current Attempt in Progress Coronado Industries markets CDs of numerous performing artists. At the beginning of...
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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...
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P6-3 Mullins Distribution markets CDs of numerous performing artists. At the beginning of March, Mullins had...
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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 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...
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 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 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...
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 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)...
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