The accounting records of Shumway Ag Implement show the following. Beginning inventory 4,000 units at 3 Purchases 6,000 units at 4 Sales 7,000 units at 12 Determine the cost of goods sold during the period under a periodic inventory system using (a) the FIFO method and (b) the average-cost method. Solution Cost of goods available for sale = Ending inventory = (a) FIFO: (b) Average cost per unit: Average-cost: 6-27