Your answer is incorrect.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.)FIFOLIFOAVERAGE-COSTThe ending inventory$42424The cost of goods sold242$ Concord Distribution markets CDs of the performing artist Unique. At the beginning of October, Concord had in beginninginventory 2,000 of Unique's CDs with a unit cost of $7. During October, Concord made the following purchases of Unique's CDs.Oct. 32,500@$8Oct. 193,000$10@Oct. 93,500@$9Oct. 254,000$11@During October, 10,800 units were sold. Concord uses a periodic inventory system.(a)Your answer is correct.Determine the cost of goods available for sale.Cost of goods available for sale2$139,500eTextbook and MediaAssistance UsedeTextbookAttempts: 2 of 3 used(b1)V Your answer is correct.Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.)Cost per unit$49.3

Inventory: It refers to the items held by an organization which were in various forms like raw…

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 $4 24 $4 The cost of goods sold $4 24 24

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 $4 24 $4 The cost of goods sold $4 24 24

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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Concept explainers

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit. Overhead expenses depend upon the nature of the business operations.

Question

Your answer is incorrect.
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
$4
24
24
The cost of goods sold
24
2$

Concord Distribution markets CDs of the performing artist Unique. At the beginning of October, Concord had in beginning
inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Concord made the following purchases of Unique's CDs.
Oct. 3
2,500
@
$8
Oct. 19
3,000
$10
@
Oct. 9
3,500
@
$9
Oct. 25
4,000
$11
@
During October, 10,800 units were sold. Concord uses a periodic inventory system.
(a)
Your answer is correct.
Determine the cost of goods available for sale.
Cost of goods available for sale
2$
139,500
eTextbook and Media
Assistance Used
eTextbook
Attempts: 2 of 3 used
(b1)
V Your answer is correct.
Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.)
Cost per unit
$4
9.3

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