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DO IT! 6.2 (LO 2) The accounting records of Americo Electronics show the following data. Compute cost of goods sold under different cost flow methods.
DO IT! 6.2 (LO 2) The accounting records of Americo Electronics show the following data.
Compute cost of goods sold under different cost flow methods.
Beginning inventory |
| 3,000 units at $5 |
Purchases | 8,000 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 nearest tenth of a cent.)
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