Assuming the business maintains a periodic inventory system, Ask an Expert

Accounting

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

Apr 3 Inventory 24 units @ $10
11 Purchase 26 units @ $12
14 Sale 36 units
21 Purchase 18 units @ $15
25 Sale 20 units

Assuming the business maintains a periodic inventory system, find out the cost of merchandise sold and ending inventory under the following assumptions:

a. First-in, first-out:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M976693

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