Accounting Principles 1. X P6 2A (LO2) w Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 2.000 ot Unique's CDs with a unit cost of $7 During October, Glee made the following purchases of Unique's CDs Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis Oct 3 2.500 a 58 Oct 19 3,000 @ $10 Oct 9 3,500 @ $9 Oct 25 4,000 @ $11 During October 10,900 units were sold Glee 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 (2) Cost of goods sold: FIFO $ 94,500 LIFO $108,700 Average $101.370 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