Metlock, Inc. markets CDs of numerous performing artists. At the beginning of March, Metlock had in beginning inventory 2,500 CDs with a unit cost of $8. During March, Metlock made the following purchases of CDs. March 5 1,850 @ $9 March 21 4,800 @ $11 March 13 4,000 @ $10 March 26 1,850 @ $12 During March 11,900 units were sold. Metlock uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale

Cost of goods available for sale =  $151,650.

Explanation:

Opening inventory : (2500*8)                                                       =     20000

Add: Purchases

   March-5: (1850*9)       = 16650

   March 21- (4800*11)   = 52800

   March 13 - (4000*10) = 40000

   March 26- (1850*12)  = 22200

                                                                                                        =    131650

Cost of goods available for sale                                                        151,650

Determine the cost of goods available for sale

Opening Stock (2,500×$8)             20,000

Add Purchases

( 1,850×$9)                                         16,650

(4,800×$11)                                        52,800

(4,000×$10)                                       40,000

(1,850×$9)                                          16,650

Cost of goods available for sale     146,100

Therefore Cost of goods available for sale is $146,100

Explanation:

Periodic Inventory System determined the cost of Inventory at the end of a certain period.

Cost of Goods available for sale using the periodic inventory system entails accounting for all opening inventory stock and further stock purchases.

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