11 May WHICH COST FLOW METHOD RESULTS IN FIRST, THE HIGHEST INVENTORY AMOUNT FOR THE BALANCE SHEET, AND SECOND, THE HIGHEST COST OF GOODS SOLD?
Question1(10marks)See-it-Again sells old movies on DVD. At the beginning ofOetober, See-it-Again had in beginning inventory 1100DVDs with a unit cost of$5.During October, See~it againmade the following purchases ofDVDs.October 3 3850@$6October 9 4400@$7October 19 3300@$8October 252200@$9During October, 12100 units were sold. The eompany uses a periodie inventory system. REQUIREDa. Determine the eost ofgoods available for sale.b. Determine the ending inventory and the cost ofgoods sold under each ofthecost flow methods ofFIFO, LIFO, and weighted average cost.c.”Whichcost flow method results in first, the highest inventory amount for thebalance sheet, and seeond, the highest cost ofgoods sold?Question1(10marks)See-it-Again sells old movies on DVD. At the beginning ofOetober, See-it-Again had in beginning inventory 1100DVDs with a unit cost of$5.During October, See~it againmade the following purchases ofDVDs.October 3 3850@$6October 9 4400@$7October 19 3300@$8October 252200@$9During October, 12100 units were sold. The eompany uses a periodie inventory system. REQUIREDa. Determine the eost ofgoods available for sale.b. Determine the ending inventory and the cost ofgoods sold under each ofthecost flow methods ofFIFO, LIFO, and weighted average cost.c.”Which cost flow method results in first, the highest inventory amount for the balance sheet, and second, the highest cost of goods sold?
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