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Beginning inventory, purchases and sales data for T-shirts are as follows: Apr Inventory 24 units @ $10 3 11 Purchase 14 21 25 Sale Purchase
Beginning inventory, purchases and sales data for T-shirts are as follows: Apr Inventory 24 units @ $10 3 11 Purchase 14 21 25 Sale Purchase Sale 26 units @ 36 units 18 units @ 20 units $12 $15 Assuming the business maintains a periodic inventory system, calculate the cost of merchandise sold and ending inventory under the following assumptions: a. FIFO b. LIFO c. Average cost (round cost of merchandise sold and ending inventory to the nearest dollar) NOTE: Prepare a table for EACH of the 3 inventory flow assumptions
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