Mullins Distribution markets CDs of numerous performing artists. At the beginning of March, Mullins had...
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Mullins Distribution markets CDs of numerous performing artists. At the beginning of March, Mullins had in beginning inventory CDs with a unit cost of $ During March, Mullins made the following purchases of CDs March @ $ March @ $ March @ $ March @ $ During March units were sold. Mullins uses a periodic inventory system. Instructions Determine the cost of goods available for sale. Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods FIFO LIFO, and averagecost Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. Note: For averagecost round cost per unit to three decimal places. b Cost of goods sold: FIFO $ LIFO $ Average $ Which cost flow method results in the highest inventory amount for the balance sheet and the highest cost of goods sold for the income statement? Determine cost of goods sold and ending inventory using FIFO, LIFO, and averagecost in a periodic inventory system and assess financial statement effects.
Mullins Distribution markets CDs of numerous performing artists. At the beginning of March, Mullins had in beginning inventory CDs with a unit cost of $ During March, Mullins made the following purchases of CDs
March
@ $
March
@ $
March
@ $
March
@ $
During March units were sold. Mullins uses a periodic inventory system.
Instructions
Determine the cost of goods available for sale.
Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods FIFO LIFO, and averagecost Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. Note: For averagecost round cost per unit to three decimal places.
b Cost of goods sold:
FIFO
$
LIFO
$
Average
$
Which cost flow method results in the highest inventory amount for the balance sheet and the highest cost of goods sold for the income statement?
Determine cost of goods sold and ending inventory using FIFO, LIFO, and averagecost in a periodic inventory system and assess financial statement effects.
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