Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO…

The accounting records of Old Towne Electronics show the following data.

Beginning inventory

3,000 units at $5

Purchases

8,000 units at $7

Sales

9,400 units at $10

Determine 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. (Round unit cost to nearest tenth of a cent.)

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