Question: Problem 6-02A a, b1-b2, c (Video) Lily Distribution markets CDs of the performing artist Unique. At the beginning of October, Lily had in beginning inventory

Problem 6-02A a, b1-b2, c (Video) Lily

Problem 6-02A a, b1-b2, c (Video) Lily Distribution markets CDs of the performing artist Unique. At the beginning of October, Lily had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Lily made the following purchases of Unique's CDs Oct. 3 2,500S8 Oct. 19 3,000 s10 Oct. 9 3,500 $9 Oct. 25 4,000$11 During October, 10,750 units were sold. Lily uses a periodic inventory system. Determine the cost of goods available for sale. Cost of goods available for sale LINK TO TEXT Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Cost per unit LINK TO TEXT Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO. LiFo, and average-coso (Round answers, to 0 decimal places.0. 1,250.) FIFO LIFO AVERAGE-COST

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!