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

Question:

The accounting records of Connor 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.)