CH6 Inventories 實習

CH6 Inventories...

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CH6 Inventories H 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. March 5 3,000 @ $8 March 21 4,000 @ $10 March 13 5,500 @ $9 March 26 2,000 @ $11 During March 12,500 units were sold. Glanville uses a periodic inventory system. Instructions (a) Determine the cost of goods available for sale. (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). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (c) 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? H Lebo Hardware reported cost of goods sold as follows Lebo made two errors: (1) 2010 ending inventory was overstated $3,000, and (2) 2011 ending inventory was understated $6,000.
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