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Pronghorn Distribution markets CDs of numerous performing artists. At the beginning of March, Pronghorn had in beginning inventory 2,390 CDs with a unit cost of

Pronghorn Distribution markets CDs of numerous performing artists. At the beginning of March, Pronghorn had in beginning inventory 2,390 CDs with a unit cost of $8. During March, Pronghorn made the following purchases of CDs.

March 5

2,110 @ $8

March 21

5,000 @ $10

March 13

3,360 @ $9

March 26

1,970 @ $11

During March, 11,310 units were sold. Pronghorn 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). (For calculation purposes, round average cost per unit to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.)

FIFO

LIFO

AVERAGE-COST

The ending inventory

$ $ $

The cost of goods sold

$ $ $

FIFO = first in, first out. LIFO = Last in, first out

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