Answered>Order 3340

Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 4,960 of Unique’s CDs with a unit cost of $7. During October, Glee made the following purchases of Unique’s CDs.

Oct. 3..;@ $8Oct. 1..;@ $10Oct. 9..;@ $9Oct. 259,920 @ $11

During October, 27,032 units were sold. Glee uses a periodic inventory system.

Determine the cost of goods available for sale.

Cost of goods available for sale $_____________

Cost per unit $___________

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_______

_______ produces the highest cost of goods sold______