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Beginning inventory, purchases and sales data for T-shirts are as follows: ...

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Accounting

Beginning inventory, purchases and sales data for T-shirts are as follows:

April 3 Inventory 24 units @ $10
11 Purchase 26 units @ $12
14 Sale 36 units
21 Purchase 18 units @ $15
25 Sale 20 units

Assuming the business maintains a periodic inventory system, calculate the cost of goods sold and ending inventory under the following assumptions:

FIFO

LIFO

Average cost

In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.

FIFO LIFO Average Cost
Cost of goods sold $ $ $
Ending inventory $ $ $

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