Sheffield Distribution markets CDs of the performing artist King James. At the beginning of March, Sheffield had in beginning inventory 1,580 King James CDs with a unit cost of 5. During March, Sheffield made the following purchases of King James CDs. March 5 3,450 9 March 21 1,830 @ 10 March 13 4,140 10 March 26 1,830 11 During March, 9,690 units were sold. Sheffield uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale 118780 Determine (1) the ending inventory and (2) the cost of goods sold under the two assumed cost flow methods (FIFO and average- cost). (Round average unit cost to 4 decimal places, eg. 25.1672 and final answers to O decimal places, e.g. 2,120.) FIFO The ending inventory The cost of goods sold AVERAGE-COST Determine (1) the ending inventory and (2) the cost of goods sold under the two assumed cost flow methods (FIFO and average- cost). (Round average unit cost to 4 decimal places, eg. 25.1672 and final answers to 0 decimal places, e.g. 2,120.) FIFO The ending inventory The cost of goods sold AVERAGE-COST Which cost flow method results in (1) the higher inventory amount for the statement of financial position and (2) the higher cost of goods sold for the income statement? (1) produces the higher inventory amount, (2) produces the higher cost of goods sold