Question

SOMEBODY PROVIDED AN ANSWER BUT WAS INCOMPLETE, THE FORMULASWERE LEFT OUT, THE TEXT ANSWERS WERE NOT GIVEN. I PREFER A TABLEFORMAT... THANK YOU.

THIS IS ORIGINALLY IN EXCEL BUT I COULDN'T PASTE IT HERE. IWOULD APPRECIATE IF SOMEONE COULD HELP ME WITH THIS.

P6-2A Glanville Distribution markets CDs of the performing artistHarrilyn Clooney. At the beginning of March,
Glanville had in beginning inventory 1,500 Clooney CDs with a unitcost of $7
During March Glanville made the following purchases of ClooneyCDs:
Date: Quantity: Cost: Date: Quantity: Cost:
Mar 5 3,000 $8 Mar 21 4,000 $10
Mar 13 5,500 $9 Mar 26 2,000 $11
During March 12,500 units were sold. Glanville uses a periodicinventory system.

Instructions:
(a) Determine the cost of goods available for sale.

COST OF GOODS AVAILABLE FOR SALE
Date Explanation Units Unit Cost Total Cost
Mar 1 Inv 03/01 Number Value Formula
Mar 5 Purchase Number Value Formula
Mar 13 Purchase Number Value Formula
Mar 21 Purchase Number Value Formula
Mar 26 Purchase Number Value Formula
Total Formula Formula

(b) Determine (1) the ending inventory and (2) the cost of goodssold under each of the assumed cost flow methods (FIFO, LIFO, andaverage cost). Prove the accuracy of the cost of goods sold underthe FIFO and LIFO methods.


FIFO
(1) Ending Inventory (2) Cost of Goods Sold
Date Units Unit Cost Total Cost Cost of goods available for saleAmount
Mar 26 Quantity Amount Formula Less: Ending inventory Amount
Mar 21 Quantity Amount Formula Cost of goods sold Formula
Formula Formula



Proof of Cost of Goods Sold
Date Units Unit Cost Total Cost
Mar 1 Quantity Amount Formula
Mar 5 Quantity Amount Formula
Mar 13 Quantity Amount Formula
Mar 21 Quantity Amount Formula
Formula Formula

LIFO
(1) Ending Inventory (2) Cost of Goods Sold
Date Units Unit Cost Total Cost Cost of goods available for saleAmount
Mar 1 Quantity Amount Formula Less: Ending inventory Amount
Mar 5 Quantity Amount Formula Cost of goods sold Formula
Formula Formula

Proof of Cost of Goods Sold
Date Units Unit Cost Total Cost
Mar 26 Quantity Amount Formula
Mar 21 Quantity Amount Formula
Mar 13 Quantity Amount Formula
Mar 5 Quantity Amount Formula
Formula Formula

AVERAGE COST
(1) Ending Inventory (2) Cost of Goods Sold
Cost of goods available for sale Amount
Area for formula Less: Ending inventory Amount
Cost of goods sold Formula
Units Unit cost: Total cost:
#VALUE! #VALUE! #VALUE!

(c) Which cost flow method results in (1) the highest inventoryamount for the balance sheet and (2) the highest cost of goods soldfor the income statement?

(1)
Enter text answer here.



(2)
Enter text answer here.


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