Riverbed Distribution markets CDs of numerous performing artists. At the beginning of March, Riverbed had in beginning inventory 3,600 CDs with a unit cost of $7. During March, Riverbed made the following purchases of CDs. March 13 March 5 4,500 @ $8 6,300 @ $9 March 21 7,400 @ $10 March 26 5,200 @ $11 During March 20,000 units were sold. Riverbed uses a periodic inventory system. (a) Your answer is incorrect. Determine the cost of goods available for sale. Cost of goods available for sale $

Riverbed Distribution markets CDs of numerous performing artists. At the beginning of March, Riverbed had in beginning inventory 3,600 CDs with a unit cost of $7. During March, Riverbed made the following purchases of CDs. March 13 March 5 4,500 @ $8 6,300 @ $9 March 21 7,400 @ $10 March 26 5,200 @ $11 During March 20,000 units were sold. Riverbed uses a periodic inventory system. (a) Your answer is incorrect. Determine the cost of goods available for sale. Cost of goods available for sale $

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Description: i need the answer quickly Riverbed Distribution markets CDs of numerous performing artists. At the beginning of March, Riverbed had in beginning inventory3,600 CDs with a unit cost of $7. During March, Riverbed made the following purchases of CDs.Mar

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concord Distribution markets CDs of numerous performing artists. At the beginning of March, Concord had in beginning inventory 2,390 CDs with a unit cost of $7. During March, Concord made the following purchases of CDs. March 5 2,030 @ $8 March 21 5,060 @ $10 March 13 3,260 @ $9 March 26 1,800 @ $11 During March 11,470 units were sold. Concord uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale $4 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). (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory %24 $4 24 The cost of goods sold $4 2$ 24 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? (1) produces the highest…
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Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October, Concord had in beginning inventory 2,500 of Fishe’s CDs with a unit cost of $7. During October, Concord made the following purchases of Fishe’s CDs. Oct. 3 3,125 @ $8 Oct. 19 3,750 @ $10 Oct. 9 4,375 @ $9 Oct. 25 5,000 @ $11 During October, 13,625 units were sold. Concord uses a periodic inventory system. Determine the cost of goods available for sale. Cost of goods available for sale $Type your answer here
Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October, Concord had in beginning inventory 2,500 of Fishe’s CDs with a unit cost of $7. During October, Concord made the following purchases of Fishe’s CDs. Oct. 3 3,125 @ $8 Oct. 19 3,750 @ $10 Oct. 9 4,375 @ $9 Oct. 25 5,000 @ $11 During October, 13,625 units were sold. Concord uses a periodic inventory system. Determine the cost of goods available for sale. Cost of goods available for sale ? Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Weighted average cost per unit ? 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. (Round answers to 0 decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 2 decimal places…
Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October, Concord had in beginning inventory 2,500 of Fishe’s CDs with a unit cost of $7. During October, Concord made the following purchases of Fishe’s CDs. Oct. 3 3,125 @ $8 Oct. 19 3,750 @ $10 Oct. 9 4,375 @ $9 Oct. 25 5,000 @ $11 During October, 13,625 units were sold. Concord uses a periodic inventory system. Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Weighted average cost per unit $Type your answer here