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

Problem 6-02A a, b1-b2, c (Video) Sunland Distribution markets CDs of the performing artist Unique. At the beginning of October, Sunland had in beginning inventory 2,000 of Unique's CDs with a unit cost of $5. During October, Sunland made the following purchases of Unique's CDs. Oct. 3 2,500@ $6 Oct. 19 3,000$8 Oct.9 3,500$7 Oct. 254,000$9 During October, 10,750 units were sold. Sunland uses a periadic inventory system. Determine the cost of goods available for sale Cost of goods available for sale $ SHOW ANSWER Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Cost per unit SHOW ANSWER 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, eg. ,250.) FIFO LIFO AVERAGE-COST The ending inventory The cost of goods sold SHOW ANSWER 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? produces the highest inventory amount, produces the highest cost of goods sold, s SHOW