(Solved): Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) t ...
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.Oriole Distribution markets CDs of numerous performing artists. At the beginning of March, Oriole had in beginning inventory 2,500 CDs with a unit cost of
$6.00. During March, Oriole made the following purchases of CDs. During March 12,200 units were sold. Oriole uses a periodic inventory system. (a) Determine the cost of goods available for sale. Cost of goods available for sale
$Calculate weighted-average cost per unit. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit
$eTextbook and Media Attempts: 0 of 2 used (b) 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.)
