Maurice Tutor

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About Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 4 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Jul 2017 My Price 4.00

Soul Patrol Distribution

Soul Patrol Distribution markets CDs of the performing artist Taylor Hicks. At the beginning of October, Soul Patrol had in beginning inventory 2,000 of Hicks’s CDs with a unit cost of $7. During October Soul Patrol made the following purchases of Hicks’s CDs.

During October, 11,400 units were sold. Soul Patrol 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 incomestatement?

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Jul 2017 10:07 PM My Price 4.00

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