Jackson Enterprises markets the CDs for the performing artist Adam Lavine. At th
ID: 2471108 • Letter: J
Question
Jackson Enterprises markets the CDs for the performing artist Adam Lavine. At the beginning of March, Jackson had beginning inventory of 1,500 Lavine CDs with a unit cost of $7. During March, Jackson made the following purchases of Lavine CDs. During March, 12,500 units were sold. Jackson uses a perpetual inventory system. Prepare answers on an Excel spreadsheet using the following templates. Label each answer with the letter in parenthesis. Instruction: Determine the cost of goods available for sale.Explanation / Answer
COST OF GOODS AVAILABLE FOR SALE
Date
Explanation
Units
Unit Cost
Total Cost
1-Mar
Beginning Inventory
1,500
7
$ 10,500
5-Mar
Purchases
3,000
8
$ 24,000
13-Mar
Purchases
5,500
9
$ 49,500
21-Mar
Purchases
4,000
10
$ 40,000
26-Mar
Purchases
2,000
11
$ 22,000
Total
16,000
$ 146,000
COST OF GOODS AVAILABLE FOR SALE
Date
Explanation
Units
Unit Cost
Total Cost
1-Mar
Beginning Inventory
1,500
7
$ 10,500
5-Mar
Purchases
3,000
8
$ 24,000
13-Mar
Purchases
5,500
9
$ 49,500
21-Mar
Purchases
4,000
10
$ 40,000
26-Mar
Purchases
2,000
11
$ 22,000
Total
16,000
$ 146,000
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