Question

Concord Corporation markets CDs of numerous performing artists. At the beginning of March, Concord had in beginning inventory 2,500 CDs with a unit cost of $6. During March, Concord made the following purchases of CDs. March 5 2,200 @ $7 March 21 5,200 @ $9 March 13 3,900 @ $8 March 26 2,200 @ $10 During March 12,200 units were sold. Concord uses a periodic inventory system. Your answer is incorrect. Determine the cost of goods available for sale. The cost of goods available for sale $ Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost $

Answer 1

2500 ороод March 5- Punchene. $ 15000 $ 15400 2200 $7 . Mowls. 13 - Pinchen $31,200 3900 - Machal Pinchone 3600 $32,400 $ 94,000 Total cost of Goods sold. (flfo method) Marh. al Puncher 1600 monlu 26 - Punches 2200 closing Inventory $9 $10 $ 14 400 $22,000 - $36400 CO Average cost = h Total I begining Invertory tinchan Total Inventory 130,400 8.15 - 16000 T L Average cost of closing Inventory = 3800X8 15 = 30,970