Swifty Distribution markets CDs of the performing artist Fishe. At the beginning of October, Swifty had in beginning inventory 3,900 of Fishes CDs with a unit cost of $7. During October, Swifty made the following purchases of Fishes CDs.

Oct. 3		4,875	@	$8		Oct. 19		5,850	@	$10
Oct. 9		6,825	@	$9		Oct. 25		7,800	@	$11

During October, 21,255 units were sold. Swifty uses a periodic inventory system.

1. Determine the cost of goods available for sale.

Cost of goods available for sale

$ ________

2. Calculate weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 2.25.)

Weighted-average cost per unit

$_________

3. 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 0 decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 2 decimal places for computations.)

		FIFO		LIFO		AVERAGE-COST
The ending inventory		$_____		$_____		$_____
The cost of goods sold		$_____		$_____		$_____

4. 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, $_______.
(2)		________ produces the highest cost of goods sold, $ _______.