Question 2 Shelton Distribution markets CDs of numerous performing artists. At the beginning of March, Shelton had the beginning inventory 2,500 CDs with a unit cost RM7. During March, Shelton made the following purchases of CDs: March 3 March 13 2,000 @ RM8 3,500 @ RM9 March 21 5,000 @ RM10 March 26 2,000 @ RM11 During March, 12,200 units were sold and 200 units were returned back to Shelton. Shelton uses a periodic inventory system. Required: i) Determine the cost of goods available for sale. ii) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods: a) FIFO. b) Average cost (Round cost per unit to three decimal places).

Question 2 Shelton Distribution markets CDs of numerous performing artists. At the beginning of March, Shelton had the beginning inventory 2,500 CDs with a unit cost RM7. During March, Shelton made the following purchases of CDs: March 3 March 13 2,000 @ RM8 3,500 @ RM9 March 21 5,000 @ RM10 March 26 2,000 @ RM11 During March, 12,200 units were sold and 200 units were returned back to Shelton. Shelton uses a periodic inventory system. Required: i) Determine the cost of goods available for sale. ii) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods: a) FIFO. b) Average cost (Round cost per unit to three decimal places).

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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