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Express Distribution markets CDs of the performing artist Fishe. At the beginning of October, Express...

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Accounting

Express Distribution markets CDs of the performing artist Fishe. At the beginning of October, Express had in beginning inventory 3,800 of Fishes CDs with a unit cost of $7. During October, Express made the following purchases of Fishes CDs.

Oct. 3 4,750 @ $8 Oct. 19 5,700 @ $10
Oct. 9 6,650 @ $9 Oct. 25 7,600 @ $11

During October, 20,710 units were sold. Express uses a periodic inventory system.

I bolded what I got for the answer, I am not sure if it is correct.

1. Determine the cost of goods available for sale. 265050 2. Calculate weighted average cost per unit. 9.30

3. 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).

image

This is what I calculated, again unsure if it is correct.

4. 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?

(1) FIFO produces the highest inventory amount, $85500
(2) LIFO produces the highest cost of goods sold, $206530

I'm not sure if I am doing this correctly.

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