## 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 \$

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 \$ \$ \$

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) Average-costFIFOLIFO produces the highest inventory amount. (2) Average-costFIFOLIFO produces the highest cost of goods sold.

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