Beginning inventory and 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 and 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 and 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 and Purchases and Sales Data for T-Shirts Are