Crane Distribution markets CDs of the performing artist Unique. At the beginning of October, Crane had in beginning inventory 2,000 of Uniques CDs with a unit cost of $5. During October, Crane made the following purchases of Uniques CDs.

Oct. 3		2,500	@	$6		Oct. 19		3,000	@	$8
Oct. 9		3,500	@	$7		Oct. 25		4,000	@	$9

During October, 10,900 units were sold. Crane uses a periodic inventory system.

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)		select a cost flow method FIFOLIFOAverage-cost produces the highest inventory amount, $enter a dollar amount .
(2)		select a cost flow method FIFOLIFOAverage-cost produces the highest cost of goods sold, $enter a dollar amount .

Crane Distribution markets CDs of the performing artist Unique. At the beginning of October, Crane had in beginning inventory 2,000 of Uniques CDs with a unit cost of $5. During October, Crane made the following purchases of Uniques CDs.

Oct. 3		2,500	@	$6		Oct. 19		3,000	@	$8
Oct. 9		3,500	@	$7		Oct. 25		4,000	@	$9

During October, 10,900 units were sold. Crane uses a periodic inventory system.

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)		select a cost flow method FIFOLIFOAverage-cost produces the highest inventory amount, $enter a dollar amount .
(2)		select a cost flow method FIFOLIFOAverage-cost produces the highest cost of goods sold, $enter a dollar amount .