On March 31, the Maple Shop had no alarm clocks on hand. During the next four months,

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On March 31, the Maple Shop had no alarm clocks on hand. During the next four months, it first purchased 50 clocks for $14 each, and then 75 more for $12 each. During these four months, 100 alarm clocks were sold.
Required
What will the July 31 alarm clock inventory amount and the four months' cost of goods be if the Maple Shop uses the periodic inventory method and (a) average cost; (b) FIFO; (c) LIFO?
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Accounting Texts and Cases

ISBN: 978-1259097126

13th edition

Authors: Robert Anthony, David Hawkins, Kenneth Merchant

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