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

Question:

The accounting records of Tuel 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, and

(c) the average-cost method. (Round unit cost to three decimal places.)

AppendixLO1

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