# Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee ... 1 answer below »

Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 5,320 of Unique’s CDs with a unit cost of $7. During October, Glee made the following purchases of Unique’s CDs.  Oct. 3 6,650 @$8 Oct. 19 7,980 @ $10 Oct. 9 9,310 @$9 Oct. 25 10,640 @ \$11

During October, 28,994 units were sold. Glee uses a periodic inventory system.

a) Determine the cost of goods available for sale.

b) Calculate the cost per unit. (round to 2 decimals)

c) Determine (1) the ending inventroy and (2) the cost of goods sold under FIFO, LIFO, and Average-Cost. (round to 0 decimals)

d) Which cost flow methods results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? And the amounts that go with them?

Shahim B
Part a Qunatity Rate Amount 7 37240 5320 Opening inventory Purchases 03-Oct 6650 00...

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