P6.2A 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 Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's 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.

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).