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

Essay

Beginning inventory and purchases and sales data for T-shirts are as follows:? $\begin{array}{rrllll}Apr.&3 & \text { Inventory } & 24 \text { units } & @ & \$ 10 \\&11 & \text { Purchase } & 26 \text { units } & @ & \$ 12 \\&14 & \text { Sale } & 36 \text { units } & & \\&21 & \text { Purchase } & 18 \text { units } & @ & \$ 15 \\&25 & \text { Sale } & 20 \text { units } & &\end{array}$ 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)