Use the Following Information to Calculate Cost of Goods Sold

question 13

Essay

Use the following information to calculate cost of goods sold under each of three methods: (a)FIFO,(b)LIFO,and (c)average-cost.Assume the periodic inventory system is used.(Show your work.)
$\begin{array}{lrll}\text { Apr. } & 1 & \text { Beginning inventory }& \text { 90 units@\$40} \\& 8 & \text { Sales } &\text { 70 units}\\& 17 & \text { Purchases }& \text { 150 units \$ 4}\\& 24 & \text { Sales }&\text { 110 units}\\& 30 & \text { Purchases }&\text { 60 units\$ 44 } \end{array}$

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Definitions:

Yards

A unit of length in the imperial and US customary systems, equal to 3 feet or 0.9144 meters.

Dimensional Analysis

The technique of applying conversion factors to express quantities in different units, often used in physics and engineering contexts.

Arithmetic

The branch of mathematics dealing with the properties and manipulation of numbers, including addition, subtraction, multiplication, and division.

Ounces

A unit of weight in the avoirdupois system equal to 1/16th of a pound or approximately 28.35 grams.