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The accounting records of Oots Electronics show the following data. Beginning inventory 3,000 units at $5 Purchases 8,000 units at $7 Sales 9,200 units at
The accounting records of Oots Electronics show the following data.
Beginning inventory | 3,000 units at $5 |
Purchases | 8,000 units at $7 |
Sales | 9,200 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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