DO IT! 6-2: The accounting records of Old Towne Electronics show the following data. Apply...
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Accounting
DO IT! 6-2:
The accounting records of Old Towne Electronics show the following data. Apply rules of ownership to determine inventory cost.
Beginning inventory: 3,000 units at $5
Purchases: 8,000 units at $7
Sales: 9,400 units at $10
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 nearest tenth of a cent.)
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