The accounting records of Old Towne Electronics show the following data. Beginning inventory .......3,000 units at $5

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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,

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Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Question Posted: Jan 30, 2014 01:42 AM

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The accounting records of Old Towne Electronics show the following data. Beginning inventory .......3,000 units at $5

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Cost of goods available for sale 3000 X 5 8000 ...View the full answer

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