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Determine the cost of goods available for sale

05 / 03 / 2018 Assignment

This paper circulates around the core theme of Determine the cost of goods available for sale together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 45. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.

Dunbar Distribution markets CDs of numerous performing artists. At the beginning of March, Dunbar had in beginning inventory 2,500 CDs with a unit cost of $7. During March Dunbar made th following purchases of CDs.

March 5 – 2,000 @ $8

March 13 – 3,500 @ $9

March 21 – 5,000 @ $10

March 26 – 2,000 @ $11

During March 12,000 units were sold. Dunbar used a periodic inventory system.

a. Determine the cost of goods available for sale

b. 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). Prove te accuracy of the cost of goods sold under the FIFO and LIFO mehtods. (Note: for average cost, round cost per unit to three decimal places.)

c. Which cost flow method results in 1. the highest inventory amount for the balanc sheet abd 2. the highest cost of goods sold for the income statement?


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