DO IT! 6.2 (LO 2) The accounting records of AmericoElectronics show the following data.
Compute cost of goods sold under different cost flowmethods.
Beginning inventory | ?? | 3,000 units at $5 |
Purchases | 8,000 units at $7 |
Sales | 9,400 units at $10 |
Determine cost of goods sold during the period under aperiodic inventory system using (a) the FIFO method, (b) the LIFOmethod, and (c) the average-cost method. (Round unit cost tonearest tenth of a cent.)
