Question

The accounting records of Old Towne Electronics show the following data.
Beginning inventory ....... 3,000 units at $5
Purchases............ 8,000 units at $7
Sales ............. 9,400 units at $10
Determine cost of goods sold during the period under a periodic inventory system using (a) The FIFO method,
(b) The LIFO method,
(c) The average-cost method. (Round unit cost to nearest tenth of a cent.)



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  • CreatedJanuary 30, 2014
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