HOW DO I FIGURE OUT THE FIFO, LIFO AND AVERAGE-COST . FOR THE ENDING INVENTORY AND THE COST OF GOODS SOLD? Vaughn Distribution markets CDs of the performing artist Unique. At the beginning of October, Vaughn had in beginning inventory 2,000 of Unique’s CDs with a unit cost of $5. During October, Vaughn made the following purchases of Unique’s CDs. Oct. 3 2,500 @ $6 Oct. 19 3,000 @ $8 Oct. 9 3,500 @ $7 Oct. 25 4,000 @ $9 During October, 10,850 units were sold. Vaughn uses a periodic inventory system.
HOW DO I FIGURE OUT THE FIFO, LIFO AND AVERAGE-COST . FOR THE ENDING INVENTORY AND THE COST OF GOODS SOLD? Vaughn Distribution markets CDs of the performing artist Unique. At the beginning of October, Vaughn had in beginning inventory 2,000 of Unique’s CDs with a unit cost of $5. During October, Vaughn made the following purchases of Unique’s CDs. Oct. 3 2,500 @ $6 Oct. 19 3,000 @ $8 Oct. 9 3,500 @ $7 Oct. 25 4,000 @ $9 During October, 10,850 units were sold. Vaughn uses a periodic inventory system.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
HOW DO I FIGURE OUT THE FIFO, LIFO AND AVERAGE-COST . FOR THE ENDING INVENTORY AND THE COST OF GOODS SOLD?
Vaughn Distribution markets CDs of the performing artist Unique. At the beginning of October, Vaughn had in beginning inventory 2,000 of Unique’s CDs with a unit cost of $5. During October, Vaughn made the following purchases of Unique’s CDs.
| Oct. 3 | 2,500 | @ | $6 | Oct. 19 | 3,000 | @ | $8 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Oct. 9 | 3,500 | @ | $7 | Oct. 25 | 4,000 | @ | $9 |
During October, 10,850 units were sold. Vaughn uses a periodic inventory system.
Transcribed Image Text:You are provided with the following information for Concord Inc. for the month ended June 30, 2020. Concord uses the periodic
method for inventory.
Unit Cost or
Date
Description
Quantity
Selling Price
June
1
Beginning inventory
39
$41
June
Purchase
139
46
June
10
Sale
111
68
June
11
Sale return
14
68
June
18
Purchase
53
47
June
18
Purchase return
47
June
25
Sale
68
73
June
28
Purchase
32
51
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education