Marin Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Date May 1 15 24 Explanation Inventory Purchase Purchase Total Units 35 25 40 100 Unit Cost $10 11 Total Cost $350 275 480 $1,105 12 Calculate the weighted average unit cost. (Round answer to 3 decimal places, eg. 5.125.) Weighted average unit cost $ Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to decimal places, eg. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 $ $ $ GA Skysong, Inc. markets CDs of numerous performing artists. At the beginning of March, Skysong had in beginning inventory 2,700 CDs with a unit cost of $8. During March, Skysong made the following purchases of CDs. March 5 March 13 1,850 3,400 $9 $10 March 21 March 26 5,200 1,850 $11 $12 During March 11,900 units were sold. Skysong uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale $ Calculate Average Cost. (Round answer to 3 decimal places, eg. 5.125.) Average Cost $ 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). (Round answers to decimal places, eg. 125.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ 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). (Round answers to 0 decimal places, eg. 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? (1) produces the highest inventory amount. produces the highest cost of goods sold. (2)