Nash Distribution markets CDs of the performing artist King James. At the beginning of March, Nash had in beginning inventory 1,600 King James CDs with a unit cost of 7. During March, Nash made the following purchases of King James CDs. March 5 3,500 @ 4 March 21 1,830 @ 11 March 13 3,800 @ 5 March 26 1,830 @ 12 During March, 9,940 units were sold. Nash uses a periodic inventory system.

Determine the cost of goods available for sale.

The cost of goods available for sale

Determine (1) the ending inventory and (2) the cost of goods sold under the two assumed cost flow methods (FIFO and average-cost). (Round average unit cost to 4 decimal places, e.g. 25.1672 and final answers to 0 decimal places, e.g. 2,120.)

FIFO : The ending inventory

AVERAGE-COST :The ending inventory

FIFO: The cost of goods sold

AVERAGE-COST : The cost of goods sold

Which cost flow method results in (1) the higher inventory amount for the statement of financial position and (2) the higher cost of goods sold for the income statement?

(1) _________produces the higher inventory amount, . (2)___________ produces the higher cost of goods sold , .