The accounting records of Kingbird Electronics show the following data. Beginning inventory Purchases Sales 3,060 units at $7 7,140 units at $9. 8,590 units at $12 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. Cost of goods sold FIFO SA $ LIFO $ Average-cost $

Financial Accounting
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Chapter7: Inventories
Section: Chapter Questions
Problem 2PEB: Beginning inventory, purchases, and sales for Item Delta are as follows: Assuming a perpetual...
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The accounting records of Kingbird Electronics show the following data.
Beginning inventory
Purchases
Sales
3,060 units at $7
7,140 units at $9.
8,590 units at $12
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.
Cost of goods sold
FIFO
SA
$
LIFO
$
Average-cost
$
Transcribed Image Text:The accounting records of Kingbird Electronics show the following data. Beginning inventory Purchases Sales 3,060 units at $7 7,140 units at $9. 8,590 units at $12 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. Cost of goods sold FIFO SA $ LIFO $ Average-cost $
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