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Beginning inventory and purchases and sales data for T-shirts are as follows: Apr. 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12
Beginning inventory and purchases and sales data for T-shirts are as follows:
Apr. 3 Inventory 24 units @ $10
11 Purchase 26 units @ $12
14 Sale 36 units
21 Purchase 19 units @ $16
25 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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