DO IT! 6-2:

The accounting records of Old Towne Electronics show the following data. Apply rules of ownership to determine inventory cost.

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.)