P6.2 (LO 2) Dyna Distribution markets CDs of the performing artist King James. At the beginning March, Dyna had in beginning inventory 1,500 King James CDs with a unit cost of €7. During MagIL Dyna made the following purchases of King James CDs.
March 5 3,500 @ €8 March 21 2,000 @ €10 March 13 4,000 @ €9 March 26 2,000 @ €11
During March, 10,000 units were sold. Dyna uses a periodic inventory system. Instructions a. Determine the cost of goods available for sale. b. Determine (0 the ending inventory and (2) the cost of goods sold under the two assumed costtl; methods (FIFO and average-cost). Prove the accuracy of the cost of goods sold under the FIFO average-cost methods.