I already solved part A, just need to correct part B. Ending inventory for FIFO and Cost of good sold for FIFO ## Problem 6-02A a, b1-b2, c (Video)Flounder Distribution markets CDs of the performing artist Fishe. At the beginning of October, Flounder had in beginning inventory 2,800 of Fishe's CDs with a unit cost of $6. During October, Flounder made the following purchases.| Date | Quantity | Unit Cost ||--------|----------|-----------|| Oct. 3 | 3,500 | $7 || Oct. 9 | 4,900 | $8 || Oct. 19| 4,200 | $9 || Oct. 25| 5,600 | $10 |During October, 15,260 units were sold. Flounder uses a periodic inventory system.---### Cost of Goods Available for Sale**Your answer is correct.**Determine the cost of goods available for sale.Cost of goods available for sale: **$174,300**---### Weighted Average Cost Per Unit**Your answer is correct.**Calculate weighted average cost per unit. *(Round answer to 2 decimal places, e.g., 2.25.)*Weighted average cost per unit: **$8.33**---### Ending Inventory and Cost of Goods Sold**Your answer is partially correct. Try again.**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 all calculations to 2 decimal places, e.g., 1,250. Use weighted-average unit cost rounded to 2 decimal places for computations.)*| Method | Ending Inventory | Cost of Goods Sold ||------------|------------------|--------------------|| FIFO | $55,660 | $118,640 || LIFO | $37,380 | $136,920 || Average-Cost| $47,642 | $126,658 |---### Determination of Highest Inventory or Cost of Goods Sold**Your answer is partially correct. Try again.**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?1. **FIFO**

Name: I already solved part A, just need to correct part B. Ending inventory
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Description: I already solved part A, just need to correct part B. Ending inventory for FIFO and Cost of good sold for FIFO ## Problem 6-02A a, b1-b2, c (Video)Flounder Distribution markets CDs of the performing artist Fishe. At the beginning of October, Flounder

Closing stock of CDs = Opening stock + Purchases - Sales Closing stock of CDs = 2,800 + 3,500 +…

Business

Accounting

Flounder Distribution markets CDs of the performing artist Fishe. At the beginning of October, Flounder had in beginning inventory 2,800 of Fishe's CDs with a unit cost of $6. During October, Flounder made the following purchas Oct. 3 3,500 @ $7 Oct. 19 4,200 @ $9 Oct. 9 4,900 @ $8 Oct. 25 5,600 @ $10 During October, 15,260 units were sold. Flounder uses a periodic inventory system.

Flounder Distribution markets CDs of the performing artist Fishe. At the beginning of October, Flounder had in beginning inventory 2,800 of Fishe's CDs with a unit cost of $6. During October, Flounder made the following purchas Oct. 3 3,500 @ $7 Oct. 19 4,200 @ $9 Oct. 9 4,900 @ $8 Oct. 25 5,600 @ $10 During October, 15,260 units were sold. Flounder uses a periodic inventory system.

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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1. At the end of a period, the inventory account is _______. 2. Gross sales less sales discounts and sales returns and allowances equals____. 3. When an unearned, The revenue will go____. 4. Sales returns and allowances are used in calculating _______. 5. Ending inventory represents goods not yet ________. 6. Inventory is increased by a _______.
Please answer fast and correct in detail
Typically, the impact of the LIFO reserve is to decrease cost of goods sold and decrease ending inventory increase cost of goods sold and increase ending inventory increase cost of goods sold and decrease ending inventory have no effect on cost of goods sold and ending inventory
When is ending inventory written down below its acquisition cost on the balance sheet? Select one: A. When units are damaged, physically deteriorated, or obsolete B. When the inventory's replacement cost exceeds its acquisition cost C. When the inventory's replacement cost is below its acquisition cost D. Both A and C
During periods of increasing costs, the use of the FIF0 method of costing inventory will result in a greater amount of net income than would result from the use of the LIFO cost method. True False
H2
Really not undertsanding LIFO, thank you ahead of time
JUST GIVE ME THE LETTER OF THE CORRECT ANSWER. NO NEED SOLUTION PLEASE ASAP
Goods available for sale can: Multiple Choice 4- be sold and then become Cost of Goods Sold on the income statement. not be sold and thus are not reported as Cost of Goods Sold on the balance sheet. not be sold and thus are reported as Inventory on the income statement. be sold and thus reported as Cost of Goods Sold on the balance sheet.
According to IAS 2, inventory must be reflected at the lower of cost and net realisable value. Which one of the following is not an indicator of possible adjustments to the net 8. realisable value? 1. A decline in selling prices. 2. Decrease in selling costs. 3. Damaged inventories. 4. Wholly or partially obsolete inventories.
Please answer with reason for all why the option is correct and why the other options are incorrectPlease answer correct otherwise skip it When preparing the worksheet for a merchandising business using the perpetual inventory system,which of the following is not a new merchandising account that is shown on the worksheet?A) Accumulated Depreciation — BuildingB) Sales Returns and AllowancesC) Cost of Goods SoldD) Merchandise Inventory
2. Shepherd Cycles does not expect prices to change dramatically and wants to use a method that averages price changes. B. Which inventory method would best meet Shepherd's goal? Enter answer here. C. What if Shepherd wanted to expense out the newer purchases of goods instead? Which inventory would best meet that need? Enter answer here.