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Question: The accounting records of Tuel Electronics show the following data. Beginning inventory: 3,460 units at $6 Purchases: 8,300 units at $8 Sales: 9,190 units at $11 Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to 0 decimal places, e.g. 125.)

Question: The accounting records of Tuel Electronics show the following data. Beginning inventory: 3,460 units at $6 Purchases: 8,300 units at $8 Sales: 9,190 units at $11 Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to 0 decimal places, e.g. 125.)

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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Question: The accounting records of Tuel Electronics show the following data. Beginning inventory: 3,460 units at $6 Purchases: 8,300 units at $8 Sales: 9,190 units at $11 Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to 0 decimal places, e.g. 125.)
Transcribed Image Text:Question: The accounting records of Tuel Electronics show the following data. Beginning inventory: 3,460 units at $6 Purchases: 8,300 units at $8 Sales: 9,190 units at $11 Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to 0 decimal places, e.g. 125.)
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