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Problem 1 grade Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs. Oct 3 2,500 @ $8 Oct. 9 3,500 @$9 Oct. 19 3,000 @ $10 Oct. 25 4,000 @ $11 6 18 75 105 204 value During October, 10,900 units were sold. Instructions (a) Determine the cost of goods available for sale using the periodic inventory system. Value 18 pts. (b) Determine using the periodic inventory system (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. Value 75 pts. Problem 2 (a) Determine using the perpetual inventory system (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO and average cost). Use the information given, fill the yellow area. Value 105 pts. Date Explanation Units Unit Cost Total Cost Beginning 1-Jan inventory 150 $ 11.00 llene los espacios en amarillo 15-Feb Purchases 100 $ 12.00 12-Apr Purchases 200 $ 13.00 5-May Sale 400 6 pts. 3-Jun Purchases 100 $ 14.00 Total Units Purchases sold NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a