The accounting records of Americo Electronics show the following data Beginning

Question

The accounting records of Americo Electronics show the following data Beginning inventory 2,900 units at $5 Purchases Sales 8,000 units at $7 9,100 units at $11 Determine cost of goods sold during the period under a periodic inventory system using the FIFO method. (Round answer to o d FIFO Cost of goods sold during the period Determine cost of goods sold during the perlod under a periodic inventory system using the LIFO method. (Round answer to o deci LIFO Cost of goods sold during the period of goods sold during the period under a periodic inventory system using the average-cost method. (Round average-cos and final answer to 0 decimal places, e.g. 1,250.) Average-cost Cost of goods sold during the period

Explanation / Answer

FIFO

Cost of goods sold = (2,900 x 5) + (9,100 - 2,900) x 7 = $57,900

LIFO

Cost of goods sold = (8,000 x 7) + (9,100 - 8,000) x 5 = $61,500

Average-cost

Cost of goods sold = (2,900 x 5 + 8,000 x 7) / (2,900 + 8,000) = 9,100 x $6.47 = $58,858

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