Concord Distribution markets CDs of the performing artist Unique. At the beginning of October, Concord had in beginning inventory2,000of Unique's CDs with a unit cost of $7.During October, Concord made the following purchases of Unique's CDs.

Oct. 3..;@$8

Oct. 1..;@$10

Oct. 9..;@$9

Oct. 254,000@$11

During October,10,800units were sold. Concord uses a periodic inventory system.

Determine the cost of goods available for sale.

Cost of goods available for sale$

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

Cost per unit$

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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. 1,250.)

FIFO

LIFO

AVERAGE-COST

The ending inventory$

$

$

The cost of goods sold$

$

$

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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?

(1)

FIFO

LIFO

Average-cost

produces the highest inventory amount, $

.(2)

FIFO

LIFO

Average-cost

produces the highest cost of goods sold, $

.