Accounting Assignment

Problem 6-2A

Cullumber Company markets CDs of numerous performing artists. At the beginning of March, Cullumber Company had in beginning inventory 2,690 CDs with a unit cost of $7. During March, Cullumber Company made the following purchases of CDs.

March 5 1,810 @ $8 March 21 4,630 @ $10
March 13 3,180 @ $9 March 26 2,100 @ $11

During March 11,470 units were sold. Cullumber Company uses a periodic inventory system.

(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

$

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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 $

$

$

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Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?

(1) produces the highest inventory amount.
(2)

produces the highest cost of goods sold.

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