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.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 7MCQ
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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
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