I read the text a few times and can not figure out how to come up with the correct answer.
Do It! Exercise 6-2
The accounting records of Old Towne Electronics show the following data.

Beginning inventory3,000units at$5Purchases8,000units at$7Sales9,400units 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$

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$

Question

I read the text a few times and can not figure out how to come up with the correct answer.

Do It! Exercise 6-2

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

Beginning inventory3,000units at$5Purchases8,000units at$7Sales9,400units 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$

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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I read the text a few times and can not figure out how to come up with the correct answer. Do It! Exercise 6-2 The

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