Swifty Distribution markets CDs of the performing artist Unique. At the beginning of October, Swifty had in beginning inventory 2,000 of Uniques CDs with a unit cost of $7. During October, Swifty made the following purchases of Uniques CDs.

Oct. 3		2,500	@	$8		Oct. 19		3,000	@	$10
Oct. 9		3,500	@	$9		Oct. 25		4,000	@	$11

During October, 10,700 units were sold. Swifty uses a periodic inventory system.

Determine the cost of goods available for sale. Cost of goods available for sale $139500

Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Cost per unit $9.30

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. 1,250.)

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

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, $_____.