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Marigold Corp. markets CDs of numerous performing artists. At the beginning of March, Marigold had...

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Accounting

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Marigold Corp. markets CDs of numerous performing artists. At the beginning of March, Marigold had in beginning Inventory 2,700 CDs with a unit cost of $7. During March, Marigold made the following purchases of CDS 1.900 $8 March 21 5,000 $10 March 5 March 13 3,500 @ $9 March 26 1.900 $11 During March 12,000 units were sold, Marigold uses a periodic inventory system, Determine the cost of goods available for sale The cost of goods available for sale 136,500 Calculate Average Cost. (Round answer to 3 decimal places, eg. 5.125) Average Cost $ 9.100 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 answers to decimal places, es. 125.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $ List of Accounts 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? ( produces the highest inventory amount (1) 2) (2) produces the highest cost of goods sold

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