Whispering Distribution markets CDs of the performing artist King James. At the beginning of March, Whispering had in beginning inventory 1,540 King James CDs with a unit cost of 6. During March, Whispering made the following purchases of King James CDs. March 5 3,500 @ 7 March 21 2.000 @ 10 March 13 3.980 @ 8 March 26 2.000 @ 11 During March, 9,670 units were sold. Whispering uses a periodic inventory system. 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 0 decimal places, e.g. 2,120.) FIFO AVERAGE-COST The ending inventory The cost of goods sold () () 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