Accounting 101

Weygandt, Accounting Principles, 12e STANDARD VIEW PRINTER VERSION Problem 6-2A (Part Level Submission) Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 5,240 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs. Oct. 3 6,550 $8 Oct. 19 7,860 $10 Oct. 9 9,170 $9 Oct. 25 10,480 $11 During October, 28,558 units were sold. Glee uses a periodic inventory system. (a) v Your answer is correct. Determine the cost of goods available for sale. Cost of goods available for sale 365,490 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 1 of 4 used v (b1) Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Cost per unit 9.30 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 1 of 4 used (b2 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, e.g. 1,250.) AVERAGE COST LIFO FIFO The ending inventory The cost of goods sold ACC PRIN BACK