Beginning inventory, purchases and sales data for T-shirts are as follows:   Apr 3                Inventory          24 units            @         $10 Apr 11              Purchase          26 units            @         $12 Apr 14              Sale                  36 units Apr 21              Purchase          18 units            @         $15 Apr 25              Sale                  20 units   Assuming the business maintains a periodic inventory system, calculate the cost of merchandise sold and ending inventory under the following assumptions:   First-in, first-out Last-in, first out

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A: FIFO: It is a system of inventory valuation in which the inventories purchased first is sold out on…

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A: Calculate cost of goods sold:

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A: (a) Calculate the cost of merchandise sold and ending inventory.

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A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

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A: FIFO stands for First-In First-Out LIFO stands for Last-In First-Out

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A:

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.