In addition to developing online fan communities, Cam and Anna believe that they could increase Front Row Entertainment's revenue by selling live-performance DVDs at the concert. Front Row records the following activity between May and August 2019 for one of its artists:

Front Row sells all of its DVDs for $15 each and uses a perpetual inventory system.
Required:
1. Compute ending inventory and cost of goods sold using the FIFO, LIFO, and average cost methods.
2. Discuss the advantages and disadvantages of each method.
3. Assume that Front Row decides to use FIFO. Prepare the journal entries necessary to record the above transactions. Assume all purchases and sales were for cash?

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Number of Units 240 180 Cost per Unit $8.25 Date Activity May 10 June 5 Purchase inventory 25 Sale 180 Purchase inventory 8.75 300 12 Sale Sale Purchase inventory 150 135 July 5 9.25 Aug. 8 190 110 20 Sale 20