P6-2A Glanville Distribution markets CDs of the performing artist Harrilyn Cloon
ID: 2345362 • Letter: P
Question
P6-2AGlanville Distribution markets CDs of the performing artist Harrilyn Clooney. At the beginning of March, Glanville had in beginning inventory 1,500 Clooney CDs with a unit cost of $7. During March Glanville made the following purchases of Clooney CDs.
March 5 3,000 @ $8 March 21 4,000 @ $10
March 13 5,500 @ $9 March 26 2,000 @ $11
During March 12,500 units were sold. Glanville uses a periodic inventory system.
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Determine the cost of goods available for sale.
I have the rest just need the cost of goods available for sale if someone could help me out thhanks!
Explanation / Answer
find value of inventory for march.multiply original inventory,add to purchase each time.sum the toal and divide by no.of items=16000 which will give average cost per CD.average cost*no.of CD's sold(12500) and subtract from total purchase.cost of goods=total inventory -inventory sold at average cost
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