Sandhill Co. markets CDs of numerous performing artists. At the beginning of March, Sandhill Co. had in beginning inventory 2,320 CDs with a unit cost of $7. During March, Sandhill Co. made the following purchases of CDs.

March 5		2,140		@		$8		March 21		5,440		@		$10
March 13		3,560		@		$9		March 26		1,910		@		$11

During March 11,480 units were sold. Sandhill Co. 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). (Round answers to O decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $ e Textbook and Media List of Accounts 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) FIFO V produces the highest inventory amount. (2) LIFO produces the highest cost of goods sold