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The accounting records of Kingbird Electronics show the following data.
Beginning inventory 2,000 units at $5
Purchases 8,000 units at $7
Sales 9,400 units at $10
Problem 1: Determine cost of goods sold during the period under a periodic inventory system using the FIFO method. (Round answer to 0 decimal places, e.g. 1,250.)
Problem 2: Determine cost of goods sold during the period under a periodic inventory system using the LIFO method. (Round answer to 0 decimal places, e.g. 1,250.)
Problem 3: Determine cost of goods sold during the period under a periodic inventory system using the average-cost method. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.)
Financial Statement Analysis and Preparation
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