The accounting records of Orth Electronics show the following data. Beginning inventory ..... 3,000 units at $5
Question:
Beginning inventory ..... 3,000 units at $5
Purchases ........ 8,000 units at $7
Sales ............ 9,400 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 three decimal places.)
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Cost of goods available for sale 3000 X 5 8000 ...View the full answer
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Related Book For 
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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