The accounting records of Tuel Electronics show the following data. Beginning inventory 3,880 units at $8Purchases 8,660 units at

Question

The accounting records of Tuel Electronics show the following

Beginning inventory: 3,880 units at $8 each 
Purchases: 8,660 units at $10 each 
Sales: 9,310 units at $13 each

Using this information, please determine the cost of goods sold during the period under a periodic inventory system utilizing the following methods: FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and the average-cost method. 
Please round your answers to the nearest whole number (e.g., 125).

Anonymous · Accepted Answer

Pleas see answers belowExplanation:1. Using FIFOThis methods assumes that goods bought first are the first to be sold in chronological order. This means that ending inventory is based on the largest purchases, while the cost of goods sold is based on the earlier purchases. Cost of goods sold = (3,880 × $8 + $5,430 × $10)= $85,3402. Using LIFOLIFO as an inventory method assumes , Cost of goods sold are those that were brought in first.= (8,660 × $10 + 650 × $8)= $91,8003. Using Average costAverage cost method uses an average cost to value.Cost of goods sold= 9,310 × $9.38= $87,327.80

Anonymous · Answer

decentralization can the employees to get more involved in the business decision making

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Electronic funds transfer is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff

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The accounting records of Tuel Electronics show the following data. Beginning inventory 3,880 units at $8Purchases 8,660 units at

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