This is all one problem so solve the whole thing!
P6.2A Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis Mullins Distribution markets CDs of numerous performing artists. At the beginning of March, Mullins had in beginning inventory 2,500 CDs with a unit cost of $7. During March, Mullins made the following purchases of CDs. During March 12,000 units were sold. Mullins uses a periodic inventory system. Instructions (a) Determine the cost of goods available of sale. (b) 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. (Note: For average-cost, round cost per unit to three decimal places.) (c) Which cost flow methods results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". Enter a textual answer in the cells with "TEXT." (a) COST OF GOODS AVAILABLE FOR SALE \begin{tabular}{rl|c|c|c|} \multicolumn{1}{l}{ Date } & Explanation & Units & Unit Cost & Total Cost \\ March 1 & Beginning inventor & 2,500 & $7 & Value \\ \hline 5 & Purchase & 2,000 & 8 & Value \\ \hline 13 & Purchase & 3,500 & 9 & Value \\ \hline 21 & Purchase & 5,000 & 10 & Value \\ \hline 26 & Purchase & 2,000 & 11 & Value \\ \hline & Total & ? \\ \hline \hline \end{tabular} (b)(1) Ending Inventory \begin{tabular}{|c|c|c|c|} \hline Date & Units & Unit Cost & Total Cost \\ \hline March 26 & 2,000 & $11 & Value \\ \hline 21 & 1,000 & 10 & Value \\ \hline & ? & & ? \\ \hline \hline \end{tabular} (b)(2) Cost of Goods Sold Cost of goods available for sale Less: Ending inventory Cost of goods sold \begin{tabular}{|c|} \hline Value \\ \hline Value \\ \hline? \\ \hline \hline \end{tabular} (b)(2) Cost of Goods Sold Cost of goods available for sale Less: Ending inventory Cost of goods sold \begin{tabular}{|c|} \hline Value \\ \hline Value \\ \hline? \\ \hline \end{tabular} Proof of Cost of Goods Sold (b)(1) Ending Inventory \begin{tabular}{cccc|c|} \hline Date & Units & Unit Cost & Total Cost \\ \hline March 1 & 2,500 & $7 & Value \\ \cline { 4 - 4 } & 500 & 8 & Value \\ & ? & & ? \\ \hline \hline \end{tabular} (b)(2) Cost of Goods Sold Cost of goods available for sale Less: Ending inventory Cost of goods sold \begin{tabular}{|c|} \hline Value \\ \hline Value \\ \hline? \\ \hline \end{tabular} Proof of Cost of Goods Sold \begin{tabular}{|c|c|c|c|} \hline Date & Units & Unit Cost & Total Cost \\ \hline March 26 & 2,000 & $11 & Value \\ \hline 21 & 5,000 & 10 & Value \\ \hline 13 & 3,500 & 9 & Value \\ \hline 5 & 1,500 & 8 & Value \\ \hline & ? & & ? \\ \hline \end{tabular} \begin{tabular}{l|c|} \multicolumn{3}{c}{ AVERAGE COST } \\ Cost of goods available for sale & Value \\ \cline { 2 - 2 } Units available for sale & Value \\ \cline { 2 - 2 } Average cost per unit & ? \\ \hline \hline \end{tabular} (b)(1) Ending Inventory \begin{tabular}{l|c|c|} Units & Unit Cost & Total Cost \\ 3,000 & Value & ? \\ \hline \end{tabular} After you have completed P6.2A, consider the following additional question. 1. Assume that number of units sold changed to 10,000 units. How does this change impact ending inventory and cost of goods sold under FIFO, LIFO and Average cost
