Question: Concord Distribution markets CDs of numerous performing artists. At the beginning of March, Concord had in beginning inventory 2 , 5 0 0 CDs with

Concord Distribution markets CDs of numerous performing artists. At the beginning of March, Concord had in beginning inventory 2,500 CDs with a unit cost of $7. During March, Concord made the following purchases of CDs.March 53,125 @ $8March 215,750 @ $10March 134,375@ $9March 263,000@ $11 during march 14,000 units were sold. concord 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). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.

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