P6-2A, Determine cost of goods sold and ending inventory using FIFO, LIFO, and average cost with analysis. Dunbar Distribution markets CDs of numerous performing artists. At the beginning of March, Turner had in beginning inventory 2,500 CDs with a unit cost of I $7.00 During March, Turner made the following purchases of CD Mar 5 2,000 @ $8.00 Mar 21 5,000 a $10.00 Mar 13 3 ,500 a $9.00 Mar 26 2,000 @ $11.00 During March 12,000 units were sold. Dunbar uses a periodic inventory system. Instructions: -OES T E - - - - - - - - - - - - - - - - - - - - - - - - - (a) Determine the cost of goods available for sale. COST OF GOODS AVAILABLE FOR SALE Date Explanation Units Unit Cost Total Cost Date Text Text Quantity Amount Formula Date Text Quantity Amount Formula Date Text Quantity Amount Formula Date Text Quantity Amount Formula Date Text Quantity Amount Formula ---Total ------- Formula L-- Formula TU L I L - - - - - - - - - (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. (Note: For average cost, round cost per unit to three decimal places.) (b)(1) FIFO (b)(2) FIFO Ending Inventory Cost of Goods Sold Unit Total Title Amount Date Units Cost Cost Title Amount Date Quantity Amount Formula Title L Formula Date Quantity Amount Formula Formula Formula Date Date Date Date Proof of Cost of Goods Sold Units Unit Cost Quantity Amount Quantity Amount Quantity Amount Quantity Amount Formula Total Cost Formula Formula Formula Formula Formula Date (b)(1) LIFO Ending Inventory Unit Units Cost Quantity Amount | Quantity Amount Formula Date Date Date (b)(2) LIFO Cost of Goods Sold Cost of goods available for sale Title Title Total Cost Formula Formula Formula Amount Amount Formula Date Date Date Date Proof of Cost of Goods Sold Units Unit Cost Quantity Amount Quantity Amount Quantity Amount Quantity Amount Formula Total Cost Formula Formula Formula Formula Formula Date (b)(1) (b)(2) Average Cost Ending Inventory Average Cost Cost of Goods Sold Title Title Title Amount Quantity Formula Title Title Title Amount Amount Formula Title Title Title Quantity Amount Formula 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? (c) (1) Enter text answer here. (e) (2) Enter text answer here