Problem 6-2A_ Dyna Distribution_Inventory Valuation

Problem 6-2A_ Dyna Distribution_Inventory Valuation

Question # 00017601 Posted By: ACCOUNTS_GURU Updated on: 06/14/2014 11:40 PM Due on: 06/15/2014
Subject Accounting Topic Accounting Tutorials:
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Problem 6-2A

Dyna Distribution markets CDs of the performing artist King James. At the beginning of March, Dyna had in beginning inventory 2,760 King James CDs with a unit cost of $2 During March, Dyna made the following purchases of King James CDs.


March 5

6,440

@

$7

March 21

3,680

@

$13

March 13

7,360

@

$8

March 26

3,680

@

$14



During March, 18,400 units were sold. Dyna uses a periodic inventory system.

Determine the cost of goods available for sale.


The cost of goods available for sale

$


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Calculate average cost per unit. (Round answer to 4 decimal places, e.g. $2.2520.)


Average cost per unit

$


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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. $2,120.)

FIFO

LIFO

AVERAGE-COST

The ending inventory

$

$

$

The cost of goods sold

$

$

$


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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?


(1)

produces the highest inventory amount, $.

(2)

produces the highest cost of goods sold, $.

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  1. ACCOUNTS_GURU
    Tutorial # 00017010 Posted By: ACCOUNTS_GURU Posted on: 06/14/2014 11:41 PM
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    Problem_6-2A__Dyna_Distribution_Inventory_Valuation.xlsx (13.07 KB)
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