Grouper Distribution markets CDs of numerous performing artists. At the beginning of March, Grouper had in beginning inventory 2,320 CDs with a unit cost of $7. During March, Grouper made the following purchases of CDs. March 5 March 13 2,140 @ $8 3,560 @ $9 (a) March 21 March 26 5,440 @ $10 1,910 @ $11 During March, 11,480 units were sold. Grouper uses a periodic inventory system.

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Chapter1: Financial Statements And Business Decisions
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Grouper Distribution markets CDs of numerous performing artists. At the beginning of March, Grouper had in beginning
inventory 2,320 CDs with a unit cost of $7. During March, Grouper made the following purchases of CDs.
March 5
March 13
2,140 @
$8
3,560 @ $9
(a)
- March 21
Your answer is correct.
March 26
During March, 11,480 units were sold. Grouper uses a periodic inventory system.
Determine the cost of goods available for sale.
5,440 @ $10
1,910 @ $11
The cost of goods available for sale $
140810
Transcribed Image Text:Grouper Distribution markets CDs of numerous performing artists. At the beginning of March, Grouper had in beginning inventory 2,320 CDs with a unit cost of $7. During March, Grouper made the following purchases of CDs. March 5 March 13 2,140 @ $8 3,560 @ $9 (a) - March 21 Your answer is correct. March 26 During March, 11,480 units were sold. Grouper uses a periodic inventory system. Determine the cost of goods available for sale. 5,440 @ $10 1,910 @ $11 The cost of goods available for sale $ 140810
(b)
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). (For calculation purposes, round average cost per unit to 3 decimal places, eg. 5.275. Round answers to 0 decimal places,
es. 125)
The ending inventory
The cost of goods sold
$
$
FIFO
LIFO
$
$
AVERAGE-COST
Transcribed Image Text:(b) 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). (For calculation purposes, round average cost per unit to 3 decimal places, eg. 5.275. Round answers to 0 decimal places, es. 125) The ending inventory The cost of goods sold $ $ FIFO LIFO $ $ AVERAGE-COST
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