Tamarisk Distribution markets CDs of the performing artist King James. At the beginning of March, Tamarisk had in beginning inventory 1,400 King James CDs with a unit cost of 5. During March, Tamarisk made the following purchases of King James CDs. 3,450 4 March 21 1,840 11 March 5 March 13 4.070 5 March 26 1,840 12 During March, 9,280 units were sold. Tamarisk uses a periodic inventory system. Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale 83470 Your answer is partially correct. 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 decimal places, eg. 2,120.) FIFO AVERAGE-COST The ending inventory 38360 21978 The cost of goods sold 45110 61434 Your answer is partially correct. 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) FIFO produces the higher inventory amount, 38360 2 (2) Average-cost produces the higher cost of goods sold, 61434