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?

(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) FIFO produces the highest inventory amount, $ 1 (2) LIFO produces the highest cost of goods sold, $ e Textbook and Media Save for Later Attempts: 0 of 5 used Submit Answer Sarasota Distribution markets CDs of numerous performing artists. At the beginning of March, Sarasota had in beginning inventory 3,700 CDs with a unit cost of $6. During March, Sarasota made the following purchases of CDs. March 5 4.625 $7 March 21 7,550 @ $9 March 13 6,475 @ $8 March 26 5,400 @ $10 During March 20,000 units were sold. Sarasota uses a periodic inventory system. (a) Your answer is correct. Determine the cost of goods available for sale. Cost of goods available for sale $ 228325 e Textbook and Media