The accounting records of Oats Electronics show the following data. Beginning inventory .... 3,000 units at $5

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The accounting records of Oats 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

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Financial Accounting Tools for Business Decision Making

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Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Apr 21, 2012 02:51 AM

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The accounting records of Oats Electronics show the following data. Beginning inventory .... 3,000 units at $5

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Cost of goods available for sale 3000 X 5 8000 X 7 ...View the full answer

Financial Accounting Tools for Business Decision Making

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