View Policies Current Attempt in Progress Ivanhoe Distribution markets CDs of numerous performing artists. At the beginning of March, Ivanhoe had in beginning inventory 2.700 CDs with a unit cost of $7.00. During March, Ivanhoe made the following purchases of CDs. March 5 1,900 $8.00 March 21 5,000 $10.00 March 13 3,500 $9.00 March 26 1,900 $11.00 During March 12,000 units were sold. Ivanhoe uses a periodic inventory system. (a) Determine the cost of goods available for sale. Cost of goods available for sale $ Calculate weighted-average cost per unit. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average cost per unit $ eTextbook and Media Save for Later Attempts: 0 of 15 used Submit Answer (b 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. 125.) FIFO LIFO AVERAGE-COST Ending inventory $ 1A Cost of goods sold $ eTextbook and Media Save for Later Attempts: 0 of 15 used Submit AnswerQuestion 6 of 6 - / 15 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 O decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Ending inventory $ $ Cost of goods sold $ eTextbook and Media Save for Later Attempts: 0 of 15 used Submit Answer (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) |produces the highest cost of goods sold. eTextbook and Media Save for Later Attempts: 0 of 15 used Submit