Hello,

I need help to resolve the follow question(Acounting 101 homework chapter number 6.

Thank you.

Blue SpruceDistribution markets CDs of the performing artist Fishe. At the beginning of October,Blue Sprucehad in beginning inventory4,200of Fishe's CDs with a unit cost of $7.During October,Blue Sprucemade the following purchases of Fishe's CDs.

Oct. 3

5,250

@

$8

Oct. 19

6,300

@

$10

Oct. 9

7,350

@

$9

Oct. 25

8,400

@

$11

During October,22,890units were sold.Blue Spruceuses a periodic inventory system.

Determine the cost of goods available for sale.

Cost of goods available for sale

$

eTextbook and Media

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

Weighted average cost per unit

$

eTextbook and Media

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

$

$

$

eTextbook and Media

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

results in the highest inventory amount, $.

(2)

FIFO

LIFO

Average-cost

results in the highest cost of goods sold, $.