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AP6-2A Glanville Distribution markets CDs of the performing artist Harrilyn Clooney

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AP6-2A;Glanville Distribution markets CDs of the performing artist Harrilyn Clooney. At the beginning of March, Glanville had in beginning inventory 1,610 Clooney CDs with a unit cost of $7.30. During March Glanville made the following purchases of Clooney CDs.;March 5 3,110 @ $8.30 March 21 4,110 @ $10.30;March 13 5,610 @ $9.30 March 26 2,110 @ $11.30;During March 12,500 units were sold. Glanville uses a periodic inventory system.;Determine the cost of goods available for sale.;$;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 the unit cost in the average cost method to 3 decimal places, e.g. 2.250. Round final answers to 0 decimal places, e.g. 125.);FIFO LIFO Average Cost;Ending Inventory $ $ $;Cost of Goods Sold $ $ $;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?;Highest inventory amount;Highest cost of goods sold

 

Paper#32225 | Written in 18-Jul-2015

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