The accounting records of Amp Electronics show the following data. Beginning inventory 4,000 units at $5 Purchases 7,000 units at $6 Sales 9,400 units at $8 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 $6 Sales 9,400 units at $8 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.)
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 3CE: Use the following information to compute cost of goods sold under the FIFO and LIFO inventory...
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Question
The accounting records of Amp Electronics show the following data.
Beginning inventory |
4,000 units at $5 |
Purchases |
7,000 units at $6 |
Sales |
9,400 units at $8 |
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.)
Expert Solution
Step 1 Introduction
Inventory valuation can be done using various methods :
A. FIFO method
B. LIFO method
C. average cost method
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