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The Audiophile sells high-performance stereo equipment. Massachusetts Acoustic recently introduced the Camegie-440, a state-of-the-art speaker system. During the current year, The Audiophile purchased nine of

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The Audiophile sells high-performance stereo equipment. Massachusetts Acoustic recently introduced the Camegie-440, a state-of-the-art speaker system. During the current year, The Audiophile purchased nine of these speaker systems at the following dates and acquisition costs: On November 21, The Audiophile sold four of these speaker systems to the Boston Symphony. The other five Carnegie-440s remained in inventory at December 31. Instructions Assume that The Audiophile uses a perpetual inventory system. Compute(l) the cost of goods sold relating to the sale of Camegic-440 speakers to the Boston Symphony and (2) the ending inventory of these speakers at December 31, using each of the following flow assumptions: Average cost First-in, first-out (FIFO)

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