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Problem 6-02A a, b1-b2, с (Video) Crane Distribution markets CDs of the performing artist Unique. At...

Question:

Problem 6-02A a, b1-b2, с (Video) Crane Distribution markets CDs of the performing artist Unique. At the beginning of October

Problem 6-02A a, b1-b2, с (Video) Crane Distribution markets CDs of the performing artist Unique. At the beginning of October, Crane had in beginning inventory 2,000 of Unique's CDs with a unit cost of $5. During October, Crane made the following purchases of Unique's CDs. Oct. 3 2,500 @ $6 Oct. 9 3,500 @ $7 Oct. 19 3,000 @ $8 Oct. 25 4,000 @ $9 During October, 10,900 units were sold. Crane uses a periodic inventory system. Determine the cost of goods available for sale. Cost of goods available for sale LINK TO TEXT Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Cost per unit $ LINK TO TEXT 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 o decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory $ ta $ The cost of goods sold ta $ LINK TO TEXT 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 inventory amount, $ (2) produces the highest cost of goods sold, $ Click if you would like to show Work for this question: Open Show Work LINK TO TEXT VIDEO: SIMILAR PROBLEM

Answers

ANS units unit cost Total cost Beginning inventory 2006 $5. 6 10.000 15000 2500- $ 6. Oct 3 oct 9 24500 3500 $7 oct 19 3000.Ending inventory units 15000-10900 - 400 cost of goods available for sale cost of goods available for Sale $109500 cost per uAverage cost Ending inventory - 4100 X $ 7.3 = 29930 cost of goods sold = 109500-29930. = 79570 FIFO LIFO Average The Ending

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