Problem 2 Legends Distribution markets CDs of the performing artist John Stevens. At the beginning of March, Legends had in beginning inventory 1,500 of John Stevens CDs with a unit cost of $7. During March, Legends made the following purchases of John Stevens CDs Date Beginning Inventory March 5 March 13 March 21 March 26 Quantity 1,500 3,500 4,000 2,000 2,000 $ $ $ $ $ Unit Cost 7.00 8.00 9.00 10.00 11.00 Extended Cost $ $ $ $ $ Totals 13,000 1 Determine the cost of goods available for sale $ 2 Calculate the average cost per unit (round to two decimal places) $ 3 During March, Legends Distribution sold 10,000 CDs. Determine the ending inventory and cost of goods sold (in dollars) under each of the assumed cost flow methods (FIFO, LIFO and average cost) FIFO LIFO Amount Ending Inventory Cost of Goods Sold $ $ $ $ Average Cost $ $