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Bramble Corp. began the year with 10 units of marine floats at a cost of $12 each. During the year, it made the following purchases:
Bramble Corp. began the year with 10 units of marine floats at a cost of $12 each. During the year, it made the following purchases: May 5, 32 unit at $16; July 16, 19 units at $20; and December 7, 24 units at $23. Assume there are 35 units on hand at the end of the period. Bramble uses the periodic approach.
Determine the cost of goods sold under FIFO.
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