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Pharoah Distribution markets CDs of numerous performing
artists. At the beginning of March, Pharoah had in
beginning inventory 2,700 CDs with a unit cost of $8.00.
During March, Pharoah made the following purchases of
CDs.
March 5
March 21
March 13
March 26
During March 11,900 units were
sold. Pharoah uses a periodic inventory system.
(a)
Determine the cost of goods available for sale.
Cost of goods available for sale
$enter the cost of goods available for sale in dollars
Calculate weighted-average cost per unit. (Round
answer to 3 decimal places, e.g. 5.125.)
Weighted-average cost per unit
$enter the average cost in dollars rounded to 3 decimal
places
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(b)
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). (Round answers to 0 decimal places,
e.g. 125.)
FIFO
LIFO
AVERAGE-COST
Ending inventory
Cost of goods sold
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(c)
Which cost flow method results in (1) the highest inventory
amount for the balance sheet and (2) the highest cost of goods sold
for the income statement?
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