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Express Distribution markets CDs of the performing artist fishe. At the beginning of October, Express had in beginning inventory 2, 000 of fishe's CDs with
Express Distribution markets CDs of the performing artist fishe. At the beginning of October, Express had in beginning inventory 2, 000 of fishe's CDs with a unit cost of $7. During October, Express made the following purchases of fishe's CDs. During October, 10, 900 units were sold. Express uses a periodic inventory system. Determine cost of goods available for sale. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Determine the ending inventory and 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. Use weighted average unit cost rounded to 2 decimal places for computations.) Which cost flow method results in the highest inventory amount for the balance sheet and the highest cost of goods sold for the income statement
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