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SHORT INRO TO ACCOUNTING HOMEWORK MUST BE DONE IN 2 HOURS

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Problem 6-2A Dunbar Distribution markets CDs of numerous performing artists. At the beginning of March, Dunbar had in beginning inventory 3,408 CDs with a unit cost of \$10. During March, Dunbar made the following purchases of CDs.;March 5 2,726 @ \$11 March 21 6,815 @ \$14;March 13 4,771 @ \$12 March 26 2,726 @ \$15;During March 16,356 units were sold. Dunbar uses a periodic inventory system.;Warning;Don't show me this message again for the assignment Ok Cancel;(a) Determine the cost of goods available for sale.;The cost of goods available for sale \$;(b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.);Average Cost \$;Warning;Don't show me this message again for the assignment Ok Cancel;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;The ending inventory \$ \$ \$;The cost of goods sold \$ \$ \$;Problem 6-7A Suppose this information (in millions) is available for the Automotive and Other Operations Divisions of General Motors Corporation for a recent year. General Motors uses the LIFO inventory method.;Beginning inventory \$14,028;Ending inventory 15,432;LIFO reserve 1,064;Current assets 59,631;Current liabilities 71,536;Cost of goods sold 167,472;Sales revenue 178,153;Warning;Don't show me this message again for the assignment Ok Cancel;Calculate the inventory turnover and days in inventory. (Round answers to 1 decimal place, e.g. 5.1.);The inventory turnover times;Days in inventory days;Warning;Don't show me this message again for the assignment Ok Cancel;Calculate the current ratio based on inventory as reported using LIFO. (Round answer to 2 decimal places, e.g. 5.12.);The current ratio based on inventory using LIFO. :1;Warning;Don't show me this message again for the assignment Ok Cancel;Calculate the current ratio after adjusting for the LIFO reserve. (Round answer to 2 decimal places, e.g. 5.12.);The current ratio after adjusting for the LIFO reserve. :1;Warning;Don't show me this message again for the assignment Ok Cancel;YOU HAVE 2 HOURS TO COMPLETE THIS SHORT HOMEWORK.;(UTC-05:00) Eastern Time (US & Canada);DUE DATE: NOVEMBER 9, 2014;DUE TIME: 20:00

Paper#75839 | Written in 18-Jul-2015

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