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The accounting records of Shumway Ag Implement show the following data.
Beginning inventory
4,000 units at $ 3
Purchases
6,000 units at $ 4
Sales
7,000 units at $12
Determine the cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and (c) the average-cost method.
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