Marin Inc. markets CDs of numerous performing artists. At the beginning of March, Marin Inc. had

Marin Inc. markets CDs of numerous performing artists. At the beginning of March, Marin Inc. had in beginning inventory 2,390 CDs with a unit cost of $8. During March, Marin Inc. made the following purchases of CDs. March 5 2,110 @ $9 March 21 5,000 @ $11 March 13 3,360 @ $10 March 26 1,970 @ $12 During March 11,310 units were sold. Marin Inc. uses a periodic inventory system. (a) Determine the cost of goods available for sale. (b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) (c) 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). (Round answers to 0 decimal places, e.g. 125.) (d) 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?

Expert Answer

 

Highest inventory amount is $40690 as per FIFO

Highest cost of goods sold is 121060 as per LIFO

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