Sarasota Corp. markets CDs of numerous performing artists. At the beginning of March, Sarasota Corp. had in beginning inventory 2,290 CDs with a unit cost of $6. During March, Sarasota Corp. made the following purchases of CDs.

Problem 6-2A Sarasota Corp. markets CDs of numerous performing artists. At the beginning of March, Sarasota Corp. had in beginning inventory 2,290 CDs with a unit cost of $6. During March, Sarasota Corp. made the following purchases of CDs. March 5 2,120 $7 March 21 4,850 $9 March 13 3,330 $8 March 26 1,970 $10 During March 11,210 units were sold. Sarasota 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 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 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? (1) produces the highest inventory amount. (2) produces the highest cost of goods sold