P6.2 Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis
Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 2,000 of Uniques CDs with a unit cost of $7.During October, Glee made the following purchases of Uniques CDs.
	Oct. 3		2,500 @ $8		Oct. 19		3,000 @ $10
	Oct. 9		3,500 @ $9		Oct. 25		4,000 @ $11
During October, 10,900 units were sold. Glee uses a periodic inventory system.
Instructions
a.	Determine the cost of goods available for sale.
b.	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. (For average-cost, round the weighted-average unit cost to three decimal places.)
c.	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?
NOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded input cells.