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Cheyenne Corp. markets CDs of numerous performing artists. At the beginning of March, Cheyenne Corp. had...

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.

Determine the cost of goods available for sale (b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) 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.) Which cost flow method results in 1. the highest inventory amount for the balance sheet abd 2. the highest cost of goods sold for the income statement?

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ekkarill92 answered 2 years ago
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