Laramie Distribution markets CDs of numerous performing artists. At the beginning of March, Laramie had in beginning inventory 3,680 CDs with a unit cost of $10. During March Laramie made the following purchases of CDs.
March 5 2,944 @ $12 March 21 5,888 @ $15
March 13 8,096 @ $13 March 26 2,944 @ $16
cost of goods avaliable for sale= 312800 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).
LIFO (ending inventory)=?
LIFO (cost of goods sold)=?
FIFO (ending inventory)=?
FIFO(cost of goods sold)=?
Avg. cost(ending inventory)=?
Avg cost(cost of goods sold)=?