Cheyenne Corp. markets CDs of numerous performing artists. At the beginning of March, Cheyenne Corp. had in beginning inventory2,390CDs with a unit cost of $7. During March, Cheyenne Corp. made the following purchases of CDs.

March 52,030@$8March 215,060@$10March 133,260@$9March 261,800@$11

During March11,470units were sold. Cheyenne Corp. uses a periodic inventory system.

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

The cost of goods available for sale$

(b)Calculate Average Cost.(Round answer to 3 decimal places, e.g. 5.125.)

Average Cost$

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.)

FIFO

LIFO

AVERAGE-COST

The ending inventory$

$

$

The cost of goods sold$

$

$