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Beginning Inventory and Purchases and Sales Data for T-Shirts Are

Question 182

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Beginning inventory and purchases and sales data for T-shirts are as follows:? Apr.3 Inventory 24 units @$1011 Purchase 26 units @$1214 Sale 36 units 21 Purchase 18 units @$1525 Sale 20 units \begin{array}{rrllll}Apr.&3 & \text { Inventory } & 24 \text { units } & @ & \$ 10 \\&11 & \text { Purchase } & 26 \text { units } & @ & \$ 12 \\&14 & \text { Sale } & 36 \text { units } & & \\&21 & \text { Purchase } & 18 \text { units } & @ & \$ 15 \\&25 & \text { Sale } & 20 \text { units } & &\end{array} Assuming the business maintains a periodic inventory system, calculate the cost of merchandise sold and ending inventory under the following assumptions:
a. FIFO
b. LIFO
c. Average cost (round cost of merchandise sold and ending inventory to the nearest dollar)

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a. FIFO? ...

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