Solution-Determine the cost of goods available for sale

Determine the cost of goods available for sale

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Reference no: EM131808020

Problem-

Cheyenne Corp. markets CDs of numerous performing artists. At the beginning of March, Cheyenne Corp. had in beginning inventory 2,390 CDs with a unit cost of $7. During March, Cheyenne Corp. made the following purchases of CDs.

March 5 2,030 @ $8 March 21 5,060 @ $10

March 13 3,260 @ $9 March 26 1,800 @ $11

During March 11,470 units were sold. Cheyenne Corp. uses a periodic inventory system.

(a) Determine the cost of goods available for sale.

The cost of goods available for sale $ 132,710

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

Average Cost $ 9.127

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

Reference no: EM131808020

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Determine the cost of goods available for sale

Reference no: EM131808020

Reference no: EM131808020

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