Beginning Inventory, Purchases and Sales Data for T-Shirts Are as Follows

question 202

Essay

Beginning inventory, purchases and sales data for T-shirts are as follows: Assuming the business maintains a periodic inventory system, calculate the cost of goods sold and ending inventory under the following assumptions:
a. FIFO
b. LIFO
c. Average cost (round cost of goods sold and ending inventory to the nearest dollar)

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Definitions:

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