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P6.2A Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with...

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Accounting

P6.2A Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis
Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning
inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs.
Oct. 3 2,500 @ $8 Oct. 19 3,000 @ $10
Oct. 9 3,500 @$9 Oct. 25 4,000 @ $11
During October, 10,900 units were sold. Glee uses a periodic inventory system.

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).

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