Marin Inc. markets CDs of numerous performing artists. At the beginning of March

Question

Marin Inc. markets CDs of numerous performing artists. At the beginning of March, Marin Inc. had in beginning inventory 2,390 CDs with a unit cost of $8. During March, Marin Inc. made the following purchases of CDs. March 5 2,110 $9March 21 5,000 $11 During March 11,310 units were sold. Marin Inc. uses a periodic inventory system Your answer is partially correct. Try again. (a) Determine the cost of goods available for sale. The cost of goods available for sale (b) Calculate Average Cost. (Round ansver to 3 decimal places, e.g. 5.125.) Average Cost

Explanation / Answer

ans A Cost of good available for sale 150350 (see calculation below) Ans b Average cost Unit U Cost C Total cost U*C Beginning Inventory 2390 $8 $19,120 5-Mar 2110 $9 $18,990 13-Mar 3360 $10 $33,600 21-Mar 5000 $11 $55,000 26-Mar 1970 $12 $23,640 Total 14830 150350 Average cost $10.138 answer 150350/14830 If any doubt please comment.

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