and KLS 000 500 501 P6-2A Mullins Distribution markets CDs of numerous performing artists. At the begin- ning of March,
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- And Kls 000 500 501 P6 2a Mullins Distribution Markets Cds Of Numerous Performing Artists At The Begin Ning Of March 1 (158.08 KiB) Viewed 52 times
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and KLS 000 500 501 P6-2A Mullins Distribution markets CDs of numerous performing artists. At the begin- ning of March, Mullins had in beginning inventory 2,500 CDs with a unit cost of $7. Dur- ing March, Mullins made the following purchases of CDs. March 21 March 26 5,000 @ $10 2,000 @ $11 March 5 2,000 @ $8 March 13 3,500 @ $9 During March 12,000 units were sold. Mullins uses a periodic inventory system. Instructions (a) Determine the cost of goods available for sale. (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). Prove the accuracy of the
cost of goods sold under the FIFO and LIFO methods. (Note: For average-cost, round cost per unit to three decimal places.) (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?