Concord Distribution markets CDs of numerous performing artists. At the beginning of March, Concord had in beginning inventory 2,390 CDs with a unit cost of $7.During March, Concord made the following purchases of CDs.March 52,030@$8March 215,060@$10March 133,260@ $9March 261,800@$11During March 11,470 units were sold. Concord uses a periodic inventory system.Determine the cost of goods available for sale.The cost of goods available for sale$4Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (For calculationpurposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to 0 decimal places, e.g. 125.)FIFOLIFOAVERAGE-COSTThe ending inventory%24$424The cost of goods sold$42$24Which 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)produces the highest inventory amount.(2)produces the highest cost of goods sold.

Name: Concord Distribution markets CDs of numerous performing artists. At t
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Concord Distribution markets CDs of numerous performing artists. At the beginning of March, Concord had in beginning inventory 2,390 CDs with a unit cost of $7.During March, Concord made the following purchases of CDs.March 52,030@$8March 215,060@$1