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Determine cost of goods sold

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Question - The accounting records of Oats Electronics show the following data.

Beginning inventory 3,250 units at $6

Purchases 8,210 units at $8

Sales 9,270 units at $11

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, e.g. 2.545, use this rounded amount for future calculations. Round final answer to the nearest dollar, e.g. 25,500.)

Reference no: EM131772277

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