Marigold Distribution markets CDs of numerous performing artists. At the beginning of March, Marigold had in beginning inventory 2,670 CDs with a unit cost of $7. During March, Marigold made the following purchases of CDs. March 5 March 13 3,630 $9 During March 12,050 units were sold, Marigold uses a periodic inventory system. March 21 March 26 2,120 2,110 $8 5,460 $10 $11 Determine the cost of goods available for sale. The cost of goods available for sale SHOW LIST OF ACCOUNTS LINK TO 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). (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory The cost of goods sold 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? produces the highest inventory amount. produces the highest cost of goods sold. Average-cost FIFO LIFO VIDEO: SIMILAR PROBLEM Question Attempts: 0 of 2 used