Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory 3,900 CDs with a unit cost of $ 7. During March, Swifty made the following purchases of CDs.

March 5		4,875	@	$ 8		March 21		7,850	@	$ 10
March 13		6,825	@	$ 9		March 26		5,800	@	$ 11

During March 21,000 units were sold. Swifty uses a periodic inventory system.

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). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round answers to decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 3 decimal places for computations.) FIFO LIFO AVERAGE-COST The ending inventory $ 88,300 $ 62,100 $ 76,164 The cost of goods sold $ 181,725 $ 207,925 $ $ 193,861 e Textbook and Media Attempts: 2 of 3 used (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, $ (2) produces the highest cost of goods sold on the income statement, $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit