XCorp markets and distributes CD$$s$.$ At MAR $01,$ XCorp had $1,000$ CD$$s with a unit cost of $$7$ in beginning inventory. During MAR XCorp made these purchases $($XCorp uses a periodic inventory system$)$ During March $12,000$ units were sold.

$$

Date Explanaton Units Unit Cost Total Cost

Mar $01$ Beg INV $1,000$ $ $77,000$

Mar $05$ Purchase $3,000824,000$

Mar $13$ Purchase $4,500940,500$

Mar $21$ Purchase $4,0001040,000$

Mar $26$ Purchase $2,5001127,500$

Totals $15,000139,000$

Instructions

$($a$)$ Determine the cost of goods available for 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$).($Round average cost per unit to $3$ decimal places.$)$

$($c$)$ Which cost flow method results in $(1)$ the highest inventory amount for the balance sheet and $(2)$ the highest cost of goods sold for the income statement?