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

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)

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 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)

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 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)

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