1 answer

Coronado Industries markets CDs of numerous performing artists. At the beginning of March, Coronado had in...

Question:

Coronado Industries markets CDs of numerous performing artists. At the beginning of March, Coronado had in beginning inventory 2,800 CDs with a unit cost of $8. During March, Coronado made the following purchases of CDs.

March 5

2,200 @ $9

March 21

5,400 @ $11

March 13

3,400 @ $10

March 26

2,200 @ $12

During March 11,600 units were sold. Coronado uses a periodic inventory system.

Determine the cost of goods available for sale.

The cost of goods available for sale

$162000


Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.)

Average Cost

$10.125

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). (Round answers to 0 decimal places, e.g. 125.)

FIFO

LIFO

AVERAGE-COST

The ending inventory

$ $ $

The cost of goods sold

$ $ $

Answers

 
1) Units Price Units x Price
Beginning 2,800.00 @ $ 8.00 $ 22,400.00
05-Mar 2,200 @ $ 9.00 $ 19,800.00
13-Mar 3,400 @ $ 10.00 $ 34,000.00
21-Mar 5,400 @ $ 11.00 $ 59,400.00
26-Mar 2,200 @ $ 12.00 $ 26,400.00
16000 $ 1,62,000.00
The cost of goods available for sale $ 1,62,000.00
Average Cost = $162000/16000 $ 10.13
Ending Inventory = (16000-11600) 4400
FIFO LIFO AVERAGE-COST
The ending inventory 2200 x 12 + 2200 x 11 $50,600.00 (2800 x $8)+ (1600 x 9) $ 36,800.00 (16000 -11600) x $10.13 $ 44,550.00
The cost of goods sold ($162000 - $61,600) $ 1,11,400.00 162000 - 36800 $ 1,25,200.00 (11600 x 10.13) $ 1,17,450.00
.

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