Determine cost of sales and ending inventory using FIFO, LIFO and average cost with analysis.LO5, 6 Movieworld Ltd sells old movies on DVD. At the beginning of October, Movieworld had in beginning inventory 1100DVDs with a unit cost of $10. During October, Movieworld made the following purchases of DVDs: Oct. 3 3850 @ $12 Oct. 19 3300 @ $16 Oct. 9 4400 @ $14 Oct. 25 2200 @ $18 During October 12100 units were sold. Movieworld uses a periodic inventory system. Required Determine the cost of goods available for sale. Determine (1) the ending inventory and (2) the cost of sales under each of the assumed cost flow methods (FIFO, LIFO and average cost). Prove the accuracy of the cost of sales under the FIFO and LIFO methods. Which cost flow method results in (1) the highest inventory amount for the statement of financial position and (2) the highest cost of sales for the statement of profit or loss?