Do It! Exercise 6-2

The accounting records of Old Towne Electronics show the following data.

Beginning inventory2,880units at$5Purchases7,870units at$7Sales9,380units at$10

Determine cost of goods sold during the period under a periodic inventory system using the FIFO method.(Round answer to 0 decimal places, e.g. 1,250.)

FIFO

Cost of goods sold during the period$

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Determine cost of goods sold during the period under a periodic inventory system using the LIFO method.(Round answer to 0 decimal places, e.g. 1,250.)

LIFO

Cost of goods sold during the period$

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Determine cost of goods sold during the period under a periodic inventory system using the average-cost method.(Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.)

Average-cost

Cost of goods sold during the period$