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Swifty Distribution markets CDs of the performing artist Unique. At the beginning of October, Swifty...

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Accounting

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Swifty Distribution markets CDs of the performing artist Unique. At the beginning of October, Swifty had in beginning inventory 2,000 of Unique's CDs with a unit cost of $ 7. During October, Swifty 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, 10,700 units were sold. Swifty uses a periodic inventory system. (61) Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Cost per unit $ (52) Your answer is partially correct. 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 0 decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ 107100 $ $ (c) 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) produces the highest inventory amount, $ (2) 2) produces the highest cost of goods sold, $

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