HESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK CALCULATOR Problem 6-2A (

Question

HESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK CALCULATOR Problem 6-2A (Part Level Submission) Flint Corporation markets CDs of numerous performing artists. At the beginning of March, Flint Corporation had in beginning inventory 2,460 CDs with a unit cost of $7. During March, Flint Corporation made the following purchases of CDs March 5 1,8908 March 21 4,940 $10 March 13 3,310 $9 March 26 2,050$1 During March 11,810 units were sold. Flint Corporation uses a periodic irnventory system (a) Your answer is correct. (a) Determine the cost of goods available for sale. The cost of goods available for sale (b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost SHOW LIST OF ACCOUNTS HOWI SOLUTIONSHOW ANS

Explanation / Answer

Calculate ending inventory and cost of goods sold :

FIFO LIFO Average cost The ending inventory (2050*11+790*10) = 30450 (2460*7+380*8)=20260 (134080/14650*2840)=25992 The cost of goods sold (134080-30450) = 103630 (134080-20260)=113820 (134080/14650*11810) = 108088

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