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Concord Distribution markets CD s of the performing artist King James. At the beginning of...

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Accounting

image Concord Distribution markets CD s of the performing artist King James. At the beginning of March, Concord had in beginning imventory 1,420 King James CDs with a unit cost of 7. During March, Concord made the following purchases of King James CDs. During March, 9,600 units were sold. Concord uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale Determine (1) the ending inventory and (2) the cost of goods sold under the two assumed cost flow methods (FIFO and averagecost). (Round average unit cost to 4 decimal places, e.g. 25.1672 and final answers to 0 decimal places, e.g. 2,120.) 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) (2) produces the higher imventory amount, produces the higher cost of goods sold

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