Question - Glanville Distribution markets CDs of the performing artist Harrilyn Clooney. At the beginning of March, Glanville had in beginning inventory 1,500 Clooney CDs with a unit cost of $7. During March Glanville made the following purchases of Clooney CDs.
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March 5
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3,000 @ $8
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March 21
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4,000 @ $10
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March 13
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5,500 @ $9
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March 26
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2,000 @ $11
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During March 12,500 units were sold. Glanville uses a periodic inventory system.
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).
Determine the costs of goods available for sale.