Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October, Concord had in beginning inventory 2,500 of Fishes CDs with a unit cost of $7. During October, Concord made the following purchases of Fishes CDs.

Oct. 3		3,125	@	$8		Oct. 19		3,750	@	$10
Oct. 9		4,375	@	$9		Oct. 25		5,000	@	$11

During October, 13,625 units were sold. Concord uses a periodic inventory system.

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

Cost of goods available for sale

$

Calculate weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 2.25.)

Weighted-average cost per unit

$

(b2)

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. (Round answers to 0 decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 2 decimal places for computations.)

		FIFO		LIFO		AVERAGE-COST
The ending inventory		$		$		$
The cost of goods sold		$		$		$