Problem 6-2A Sage Hill Inc. markets CDs of numerous performing artists. At the beginning of March, Sage Hill Inc. had in beginning inventory 2,580 CDs with a unit cost of $7. During March, Sage Hill Inc. made the following purchases of CDs. March 5 1,910 $8 March 21 5,070 $10 March 13 3,230 $90 March 26 2,040 $11 During March 11,530 units were sold. Sage Hill Inc. 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 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 o decimal places, e.g. 125.) LIFO FIFO AVERAGE-CO The ending inventory The cost of goods sold s 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? a) produces the highest inventory amount. (2) produces the highest cost of goods sold. Problem 6-2A Sage Hill Inc. markets CDs of numerous performing artists. At the beginning of March, Sage Hill Inc. had in beginning inventory 2,580 CDs with a unit cost of $7. During March, Sage Hill Inc. made the following purchases of CDs. March 5 1,910 $8 March 21 5,070 $10 March 13 3,230 $90 March 26 2,040 $11 During March 11,530 units were sold. Sage Hill Inc. 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 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 o decimal places, e.g. 125.) LIFO FIFO AVERAGE-CO The ending inventory The cost of goods sold s 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? a) produces the highest inventory amount. (2) produces the highest cost of goods sold