1 Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory3,900 CDs with a unit cost of $7. During March, Swifty made the following purchases of CDs.March 54,875 @ $8March 217,850 @$10March 13 6,825@$9March 265,800 @ $11During March 21,000 units were sold. Swifty uses a periodic inventory system.Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, andaverage-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round answers to O decimalplaces, e.g. 1,250. Use weighted-average unit cost rounded to 3 decimal places for computations.)The ending inventory$The cost of goods sold$FIFOLIFO$$$$AVERAGE-COST

Methods of inventory valuation:1. FIFO - First in First out: FIFO method ensures that goods comes…

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 O decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 3 decimal places for computations.)

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 O decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 3 decimal places for computations.)

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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