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Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 4,960 of Unique's CDs...
Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 4,960 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs.
Oct. 3..;@ $8Oct. 1..;@ $10Oct. 9..;@ $9Oct. 259,920 @ $11
During October, 27,032 units were sold. Glee uses a periodic inventory system.
Determine the cost of goods available for sale.
Cost of goods available for sale $_____________
Cost per unit $___________
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?_______produces the highest inventory amount_______
_______ produces the highest cost of goods sold______
