Question
The accounting records of Shumway Ag Implements show the following data. Beginning inventory: 4000 units at 3$ unit cost Purchases: 6000 unites at 4$ unit
The accounting records of Shumway Ag Implements show the following data.
Beginning inventory: 4000 units at 3$ unit cost
Purchases: 6000 unites at 4$ unit cost
Sales: 7000 units at 12$ unit cost
Determine the 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.
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Financial Accounting Information for Decisions
Authors: John Wild
7th edition
78025893, 978-0078025891
