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. Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $ 152,100 Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost $ 10.14 - Your answer is partially correct. 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 $ 40400 A The cost of goods sold $ 111700 A e Textbook and Media List of Accounts Your answer is correct. 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) (2) FIFO LIFO produces the highest inventory amount. produces the highest cost of goods sold