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

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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 $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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Accounting Principles

ISBN: 978-0470533475

9th Edition

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

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Question Posted: Sep 20, 2011 08:59 AM

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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

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