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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

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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