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Question - Grouper Distribution markets CDs of numerous performing artists. At the beginning of March, Grouper had in beginning inventory 2,320 CDs with a unit cost of $7. During March, Grouper made the following purchases of CDs.
March 5 2,140 @ $8
March 21 5,440 @ $10
March 13 3,560 @ $9
March 26 1,910 @ $11
During March, 11,480 units were sold. Grouper 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).
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