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The accounting records of Sage Hill Electronics show the following data. Beginning inventory 3,000 units at...

The accounting records of Sage Hill Electronics show the following data.
Beginning inventory 3,000 units at $5
Purchases 9,000 units at $7
Sales 9,500 units at $10

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(a)

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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.)

FIFO

Cost of goods sold during the period $

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(c)

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Answer #1

(a) Cost of goods sold during the period = (3,000 units × $5) + (6,500 units × $7)

Cost of goods sold during the period = $60,500

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