Question: Please help me with my home work and thanks. Below is the problem Metlock, Inc.markets CDs of numerous performing artists. At the beginning of March,Metlockhad
Please help me with my home work and thanks. Below is the problem
Metlock, Inc.markets CDs of numerous performing artists. At the beginning of March,Metlockhad in beginning inventory2,500CDs with a unit cost of $8. During March,Metlockmade the following purchases of CDs.
March 51,850@$9March 214,800@$11March 134,000@$10March 261,850@$12
During March11,900units were sold.Metlockuses a periodic inventory system.
1) Determine the cost of goods available for sale.
The cost of goods available for sale$
enter the cost of goods available for sale in dollars
2) Calculate Average Cost.(Round answer to 3 decimal places, e.g. 5.125.)
Average Cost
3) Determine (1) the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost).(Round answers to 0 decimal places, e.g. 125.)
4)Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?
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