Determine the ending inventory and the cost of goods sold

Reference no: EM132719200

Question - Monty Distribution markets CDs of the performing artist Fishe. At the beginning of October, Monty had in beginning inventory 3,200 of Fishe's CDs with a unit cost of $6. During October, Monty made the following purchases of Fishe's CDs.

Oct. 3..;@ $7

Oct. 1..;@ $9

Oct. 9..;@ $8

Oct. 256,400 @ $10

During October, 17,440 units were sold. Monty uses a periodic inventory system.

Cost of goods available for sale $199200.

Required -

1. Calculate weighted average cost per unit. What is the weighted average cost per unit?

2. 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).

Reference no: EM132719200

Questions Cloud

What amount of deferred tax liability should be reported : In its December 31, 2020 statement of financial position (SFP), what amount of deferred tax liability should be reported

Explain what is the approximate cost per delivery : Frannie's Florist produces floral bouquets for commercial businesses (i.e. hotels) and uses an activity-based costing system. Data concerning overhead costs.

What are the types and classifications of antibiotics : What are the types and classifications of antibiotics, and their actions? What type of antibiotic should the nurse administer for this client and why?

Company privacy policy : You are asked to locate any company privacy policy. Some of the more popular ones might include GOOGLE, APPLE, or MICROSOFT,

Determine the ending inventory and the cost of goods sold : 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)

Why do think tetsugen selected the jiaxing canon to use : Chinese canons from the Sanzang Project, why do you think Tetsugen selected the Jiaxing canon to use as a basis for his own edition in Japan?

Record the sale of software for cash : Sarjit Systems sold software to a customer for $80,000. As part of the contract, Sarjit promises to provide "free" technical support over the next six months.

Corporate-networked setting : In a corporate, networked setting, should end users be allowed to install applications on their company workstations,

Have recently been to a crowded place : Have you recently been to a social event involving a large number of people? Have you recently avoided cultural behaviors, such as shaking hands?

User Account

All Pages