Problem 6-2A (Part Level Submission) Dunbar Distribution markets CDs of numerous

Question

Problem 6-2A (Part Level Submission) Dunbar Distribution markets CDs of numerous performing artists. At the beginning of March, Dunbar had in beginning inventory 2,730 CDs with a unit cost of $8. During March, Dunbar made the following purchases of CDs. March 21 5,460 $11 March 5 2,184 $9 March 13 3,822$10 March 26 2,184 $12 During March 13,104 units were sold. Dunbar uses a periodic inventory system. (a) Your answer is incorrect. Try again. (a) Determine the cost of goods available for sale. Ihe xi i xxl .vailabk: for ak (b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR PROBLEM

Explanation / Answer

Cost of goods available for sale

=(2730*8+2184*9 + 3822*10 +5460*11+2184*12)

=165,984

b) Average cost = 165,984/16380

=10.133

FIFO

Ending inventory = 2184*12 +1092*11   = 38,220

Cost of goods sold = 2730*8 +2184*9 +3822*10 +4368*11 = 127,764

LIFO

Ending inventory = 546*9 +2730*8 = 27,754

Cost of goods sold = 1638*9 +3822*10 +5460*11 +2184*12 = 139,230

Average cost

Ending inventory = 33,197

COGS = 132,787

Cost of goods available for sale

=(2730*8+2184*9 + 3822*10 +5460*11+2184*12)

=165,984

b) Average cost = 165,984/16380

=10.133

FIFO

Ending inventory = 2184*12 +1092*11   = 38,220

Cost of goods sold = 2730*8 +2184*9 +3822*10 +4368*11 = 127,764

LIFO

Ending inventory = 546*9 +2730*8 = 27,754

Cost of goods sold = 1638*9 +3822*10 +5460*11 +2184*12 = 139,230

Average cost

Ending inventory = 33,197

COGS = 132,787

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