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Question
Beginning inventory and purchases and sales data for T-shirts are as follows:
| Apr. 3 | Inventory | 24 units | @ | $10 |
| 11 | Purchase | 26 units | @ | $12 |
| 14 | Sale | 36 units | ||
| 21 | Purchase | 18 units | @ | $15 |
| 25 | Sale | 20 units |
Assuming the business maintains a periodic inventory system, determine the cost of merchandise sold and ending inventory under the following assumptions:
a. FIFO
b. LIFO
c. Weighted average cost (round cost of merchandise sold and ending inventory to the nearest dollar)
Answer
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