Bonita Industries began the year with 12 units of marine floats at a cost of $11 each. During the year, it made the following purchases: May 5.31 unit at $15; July 16, 16 units at $20; and December 7,21 units at $23. Assume there are 26 units on hand at the end of the period. Bonita uses the periodic approach. (a) Determine the cost of goods sold under FIFO