ment CALCULATOR FULL SCREEN PRINTERV Problem 6-02A a, b1-62, (video) Vaughn Distribution markets CDs of the performing artist Unique. At the beginning of October, Vaughn had in beginning inventory 2,000 of Unique's CDs with a unit cost of $5. During October, Vaughn made the following purchases of Unique's Oct. 3 2,500 $6 Oct. 93,500 O $7 Oct. 19 3,000 $6 Oct. 254,000 $9 During October 10,650 units were sold. Vaughn uses a periodic inventory system. Its by ive Your answer is partially correct. Try again. 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 o decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory 37200 30295 The cost of goods sold 79205 SHOW SOLUTION a) ults by tive Your answer is partially correct. Try again. 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? x (1) FIFO produces the highest inventory amount, $ x (2) LIFO produces the highest cost of goods sold, SU Click if you would like to Show Work for this question: Open Show Work