Transcribed Image Text: Your answer is incorrect. Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and

Transcribed Image Text: Your answer is incorrect.
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 O decimal places, e.g. 1,250.)
FIFO
LIFO
AVERAGE-COST
The ending inventory
$4
24
24
The cost of goods sold
24
2$ Transcribed Image Text: Concord Distribution markets CDs of the performing artist Unique. At the beginning of October, Concord had in beginning
inventory 2,000 of Unique’s CDs with a unit cost of $7. During October, Concord made the following purchases of Unique’s CDs.
Oct. 3
2,500
@
$8
Oct. 19
3,000
$10
@
Oct. 9
3,500
@
$9
Oct. 25
4,000
$11
@
During October, 10,800 units were sold. Concord uses a periodic inventory system.
(a)
Your answer is correct.
Determine the cost of goods available for sale.
Cost of goods available for sale
2$
139,500
eTextbook and Media
Assistance Used
eTextbook
Attempts: 2 of 3 used
(b1)
V Your answer is correct.
Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.)
Cost per unit
$4
9.3

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