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

question 165

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 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)

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Definitions:

Variation

The difference in data set values from the mean, highlighting the dispersion or spread of a set of data points.

Quartile

A quartile is a type of statistical measure that divides a data set into four equal parts, revealing the spread and tendencies of the data.

Chebyshev's Theorem

A statistical rule stating for any real number k greater than one, at least (1-1/k^2) of the distribution's values lie within k standard deviations from the mean.

Standard Deviations

A metric indicating the degree of spread or variability in a collection of numbers, highlighting the distance of individual values from the central mean.