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problem: Glanville Distribution markets CDs of the performing artist Harrilyn Clooney. At the starting of March, Glanville had in starting inventory 1,510 Clooney CDs with a unit cost of $7. During March Glanville made the following buys of Clooney CDs.

March 5

3,010 @ $8

March 21

4,010 @ $10

March 13

5,510 @ $9

March 26

2,010 @ $11

During March 12,500 units were sold. Glanville uses a periodic inventory system.

Correct;
Incorrect;

Determine (1) the ending inventory & (2) cost of goods sold under each of the assumed cost flow methods [FIFO, LIFO, & average-cost]. Prove the accuracy of cost of goods sold under the FIFO & LIFO methods. [Round the unit price in average cost method to three (3) decimal places. Apply the rounded amounts for subsequent computations. Round your final answers to 2 (2) decimal places.]

 

FIFO

LIFO

Average Cost

Ending Inventory

$ 37,510

$ 26,890

$ 32394

Cost of Goods Sold

$ 108,940

$ 119,560

$ ?????

Correct.

Determine which cost flow method results in (1) the lowest inventory amount for the balance sheet, & (2) the lowest cost of goods sold for the income statement?

Lowest inventory amount

LIFO

Lowest cost of goods sold

FIFO

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922551

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