Beginning inventory, purchases and sales data for T-shirts are as follows:
Assuming the business maintains a periodic inventory system, calculate the cost of goods sold and ending inventory under the following assumptions:
a. FIFO
b. LIFO
c. Average cost (round cost of goods sold and ending inventory to the nearest dollar)

Question

Beginning inventory, purchases and sales data for T-shirts are as follows:  ​
Assuming the business maintains a periodic inventory system, calculate the cost of goods sold and ending inventory under the following assumptions: 
a. FIFO
b. LIFO
c. Average cost (round cost of goods sold and ending inventory to the nearest dollar)

Quizplus · Accepted Answer

The Answer of Beginning inventory, purchases and sales data for T-shirts are as follows:  ​
Assuming the business maintains a periodic inventory system, calculate the cost of goods sold and ending inventory under the following assumptions: 
a. FIFO
b. LIFO
c. Average cost (round cost of goods sold and ending inventory to the nearest dollar)

Beginning Inventory, Purchases and Sales Data for T-Shirts Are as Follows