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Sheffield Corp. markets CDs of numerous performing artists. At the beginning of March, Sheffield had in beginning inventory 2,500 CDs with a unit cost

    

Sheffield Corp. markets CDs of numerous performing artists. At the beginning of March, Sheffield had in beginning inventory 2,500 CDs with a unit cost of $8. During March, Sheffield made the following purchases of CDs. March 5 1,900 @ $9 March 21 5,200 @ $11 March 13 3,500 @ $10 March 26 1,900 @ $12 During March 11,500 units were sold. Sheffield uses a periodic inventory system. Determine the cost of goods available for sale. Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) 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.)

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