AT&T; 4G 1:37 AM edugen.wileyplus.com 62% Problem 6-2A Express Distribution mark

Question

AT&T; 4G 1:37 AM edugen.wileyplus.com 62% Problem 6-2A Express Distribution markets CDs of the performing artist Fishe. At the beginning of October, Express had in beginning inventory 2,000 of Fishe's CDs with a unit cost of $7. During October, Express made the following purchases of Fishe's CDs. Exarcise 6-2 Oct. 32,500 8 Oct.9 3,500 $9 Oct. 25 4,000 · 511 During October, 10,900 units were sold. Express uses a periodic inventory system. Your answer is correct. Determine the cost of goods available for sale. The cest of goods evalable for sale Your answer is correct. Calculate cost per unit. (Round answer to 3 decimal places, e.g. 2.250.) Cost per unt Your answer is partially correct. Try again. 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 0 decimal places, e.g. 1,255.) The ending inventory The cest of goods sold Your answer is partially correct. Try again. 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

Explanation / Answer

Begining inventory=2000 @ $7

Oct 3: 2500 @ $8
Oct 9: 3500 @ $9
COt 19: 3000 @ 10
Oct 25: 4000 @ 11

During oct 10,900 units sold

LIFO
COGS= (4000*11)+(3000*10)+(3500*9)+(400*8)=$108,700
Ending Inventory=(2100*8)+(2000*7)=$182,000

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