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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Cornerstones of Financial Accounting
Authors: Jay Rich, Jeff Jones
4th edition
978-1337690881, 9781337669450, 1337690880, 1337690899, 1337669458, 978-1337690898
