Sheffield Distribution markets CDs of numerous performing artists. At the beginning of March, Sheffield had in beginning inventory 3,800 CDs with a unit cost of $7. During March, Sheffield made the following purchases of CDs. March 5 4,750 $8 March 21 7,700 @ $10 March 13 6,650 $9 March 26 5.600 @ $11 During March 21,000 units were sold. Sheffield uses a periodic inventory system. Your answer is correct. Determine the cost of goods available for sale, Cost of goods available for sale $ 261050 e Textbook and Media Attempts: 1 of 3 used (61) Calculate weighted average cost per unit. (Round answer to 3 decimal places, es 2.257.) Weighted average cost per unit $ Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (62) Determine (1) the ending inventory and (2) the cost of roods sold under each of the assumed cost how methods (FFO UFO, and average cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round answers to o decimal places... 1,250. Use weighted average unit cost rounded to 3 decimal places for computations) FIFO LIFO AVERAGE COST The ending inventory $ $ $ The cost of goods sold $ 5 (c) 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 for the balance sheet, $ produces the highest cost of goods sold on the income statement, $ 12) e Textbook and Media Save for Later Attempts: 0 of 3 used Submit