Problem 6-2A Martinez Corp. markets CDs of numerous performing artists. At the beginning of March, Martinez Corp. had in beginning inventory 2,670 CDs with a unit cost of $7. During March, Martinez Corp. made the following purchases of CDs. March 5 2,110 @ $8 March 21 5,460 @ $10 March 13 3,630 @ $9 March 26 2,120 @ $11 During March 12,050 units were sold. Martinez Corp. uses a periodic inventory system. (a) Determine the cost of goods available for sale. The cost of goods available for sale $ (b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost $ SHOW LIST OF ACCOUNTS LINK TO TEXT 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). (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT 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? (1) produces the highest inventory amount. (2) produces the highest cost of goods sold.