Determine (a) the cost of goods available for sale and (b) the cost of goods sold during the period…

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 (a) the cost of goods available for sale and (b) the cost of goods sold during the period under a periodic system using (i) FIFO, (ii) LIFO, and (iii) average cost.

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