Atwood Company uses a periodic inventory system.During the first quarter of 2014,it sold 12,000 cases of Product A for $120,000.Facts related to its beginning inventory and purchases are as follows:
For the quarter ended March 31,2014,compute the ending inventory,cost of goods sold,and gross margin under three methods: (a)average-cost,(b)FIFO,and (c)LIFO.(Show your work.)
Definitions:
Byte
A unit of digital information in computing and telecommunications that most commonly consists of eight bits.
Int
A data type used in programming to represent integer values.
Input Stream
A stream that reads data into a program, often from a file, network connection, or keyboard input.
Output Stream
A stream used for writing data to a destination, which could be a file, an array, a network socket, or another program.
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