The accounting records of Amp Electronics show the following data. Beginning inventory 4,000 units at $5 Purchases 7,000 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.)
The accounting records of Amp Electronics show the following data. Beginning inventory 4,000 units at $5 Purchases 7,000 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5 The accounting records of Amp Electronics show the following data.
Beginning inventory |
4,000 units at $5 |
Purchases |
7,000 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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