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Beginning inventory and purchases and sales data for T-shirts are as follows: Apr. 3rd Inventory 24 units $10 11th Purchase 26 units $12 14th Sale
Beginning inventory and purchases and sales data for T-shirts are as follows:
Apr.
3rd | Inventory | 24 units | $10 | |
11th | Purchase | 26 units | $12 | |
14th | Sale | 36 units | ||
21st | Purchase | 19 units | $16 | |
25th | Sale | 20 units |
Assuming the business maintains a periodic inventory system, determine the cost of merchandise sold and ending inventory under the following assumptions:
a. FIFO
b. LIFO
c. Weighted average cost (round cost of merchandise sold and ending inventory to the nearest dollar)
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