Waterway Distribution markets CDs of the performing artist King James. At the beginning of March Waterway had in beginning inventory 1.520 King James CDs with a unit cost of 6. During March Waterway made the following purchases of King James CDs. March 5 3.470 @ 6 March 21 1,880 @ 12 March 13 3.800 7 March 28 1880 13 During March 9,5 30 units were sold. Waterway uses a periodic inventory system, (a) Your answer has been saved. See score details after the che date Determine the cost of goods available for sale The cost of goods available for sale 103840 e Textbook and Media Attempts: 1 of 1 used 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, e.g. 25.1672 and final answers to decimal places, eg, 2.120) FIFO AVERAGE-COST The ending inventory 38720 25301 The cost of goods sold 65120 78539 eTextbook and Media Attempts: 1 of 1 used (c) 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) produces the higher inventory amount, (2) produces the higher cost of goods sold, e Textbook and Media Attempts: 0 of 1 used Submit Answer Save for Later