PSB5.9 Movies Abound Pty Ltd sells DVDs of the performing artist Edwin Drood. At the beginning of October, Movies Abound had in beginning inventory 1000 Droodending inventory using FIFO DVDs with a unit cost of $10. During October, Movies Abound made the following purchases of Drood DVDs. Determine cost of sales and LIFO and average cost with analysis LO5,6) Oct. 3 Oct. 9 3500@ $12 Oct. 19 4000 @ $14Oct. 215 3000 @ $16 2000 @ $18 During October 11000 units were sold. Movies Abound uses a periodic inventory system. Chapter 5: Reporting and analysing inventory 3 Required (a) Determine the cost of goods available for sale. (b) Determine (1) the ending inventory and (2) the cost of sales under each of the assumed cost flow methods (FIFO, LIFO and average cost). Prove the accuracy of the cost of sales under the FIFO and LIFO methods