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Lily Distribution needs CDs of the performing artist Unique. At the beginning of October, Lily...

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Accounting

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Lily Distribution needs CDs of the performing artist Unique. At the beginning of October, Lily had in beginning inventory 2,000 of Unique's CDs with a unit cost of 7. During October Lily made the following purchases of Unique's CDs Oct. 2,500 $8 DG. 19 3,000 $10 Oct. 9 3,500 59025 4,000 511 During October 10,750 units were sold. Lily uses a periodic inventory system Determine the cost of goods available for sale Cost of goods available for sale Calcul cost per unit. (Round answer to 2 decimal places.. 2.25.) Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cont flow methods (FIFO, LIFO, and average-cost). (Round answers e.g. 1.250.) FIFO LIFO AVERAGE-COST The ending entory The cost of goods which cost how method results in (1) the righest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? produces the highest inventory amount, produces the highest cost of goods sold, s

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