Problem 6-2A

Express Distribution markets CDs of the performing artist Fishe. At the beginning of October, Express had in beginning inventory 2,000 of Fishe's CDs with a unit cost of $7. During October, Express made the following purchases of Fishe's CDs. During October, 10,900 units were sold. Express uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale Calculate cost per unit. (Round answer to 3 decimal places, e.g. 2.250.) 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). 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? produces the highest inventory amount, $ produces the highest cost of goods sold, $