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Beginning inventory, purchases, and sales data for T-shirts are as follows: 24 units @$10 April 3 Inventory April 11 Purchase 26 units @ $12 April 14 Sale 36 units April 21 Purchase 18 units @ $15 April 25 Sale 20 units Assuming the business maintains a periodic inventory system, determine the cost of goods sold and ending inventory using the following methods: a. FIFO b. LIFO c. Weighted average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar. Cost of goods sold Ending inventory FIFO LIFO Weighted Average Cost

Beginning inventory, purchases, and sales data for T-shirts are as follows: 24 units @$10 April 3 Inventory April 11 Purchase 26 units @ $12 April 14 Sale 36 units April 21 Purchase 18 units @ $15 April 25 Sale 20 units Assuming the business maintains a periodic inventory system, determine the cost of goods sold and ending inventory using the following methods: a. FIFO b. LIFO c. Weighted average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar. Cost of goods sold Ending inventory FIFO LIFO Weighted Average Cost

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Beginning inventory, purchases, and sales data for T-shirts are as follows: April 3 Inventory April 11 Purchase 24 units @ $10 26 units @ $12 April 14 Sale 36 units April 21 Purchase April 25 Sale 18 units 20 units @ $15 Assuming the business maintains a periodic inventory system, determine the cost of goods sold and ending inventory using the following methods: a. FIFO b. LIFO c. Weighted average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar. Cost of goods sold Ending inventory FIFO LIFO Weighted Average Cost $
Transcribed Image Text:Beginning inventory, purchases, and sales data for T-shirts are as follows: April 3 Inventory April 11 Purchase 24 units @ $10 26 units @ $12 April 14 Sale 36 units April 21 Purchase April 25 Sale 18 units 20 units @ $15 Assuming the business maintains a periodic inventory system, determine the cost of goods sold and ending inventory using the following methods: a. FIFO b. LIFO c. Weighted average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar. Cost of goods sold Ending inventory FIFO LIFO Weighted Average Cost $
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