Beginning inventory and purchases and sales data for T-shirts are as follows: Apr. 3 Inventory 11 Purchase. 14 Sale 21 Purchase 25 Sale 24 units @ 26 units@ 36 units 18 units @ 20 units $10 $12 $15 Assuming the business maintains a periodic inventory system, determine the cost of merchandise sold and ending Inventory under the following assumptions a. FIFO b. LIFO c. Weighted average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.

Beginning inventory and purchases and sales data for T-shirts are as follows: Apr. 3 Inventory 11 Purchase. 14 Sale 21 Purchase 25 Sale 24 units @ 26 units@ 36 units 18 units @ 20 units $10 $12 $15 Assuming the business maintains a periodic inventory system, determine the cost of merchandise sold and ending Inventory under the following assumptions a. FIFO b. LIFO c. Weighted average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.

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Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PEA: Beginning inventory, purchases, and sales for 30xT are as follows: Assuming a perpetual inventory...

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