Question
5 The accounting records of Amp Electronics show the following data. Beginning inventory 4,000 units at $5 Purchases 7,000 units at $7 Sales 9,400 units
5The accounting records of Amp Electronics show the following data.
Beginning inventory
4,000 units at $5
Purchases
7,000 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.)
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Management Accounting Information for Decision-Making and Strategy Execution
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
6th Edition
137024975, 978-0137024971
