# Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ \$10 11 Purchase 26 units @ \$12 14

Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ \$10 11 Purchase 26 units @ \$12 14 Sale 36 units 21 Purchase 18 units @ \$15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.

(550 words)

Approximate price: \$22

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