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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).
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