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Blossom Marine Products began the year with 10 units of marine floats at a cost of $13.40 each. During the year, it made the
Blossom Marine Products began the year with 10 units of marine floats at a cost of $13.40 each. During the year, it made the following purchases: May 5, 30 units at $19.60; July 16, 15 units at $23.80; and December 7, 20 units at $29.00. Assuming there are 25 units on hand at the end of the period, determine the cost of goods sold under (a) FIFO, (b) LIFO, and (c) average-cost. Blossom uses the periodic approach. FIFO EA LIFO $ Cost of Goods Sold Average-cost $
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