Crane Marine Products began the year with $10$ units of marine floats at a cost of $$13\mathrm{.}60$ each. During the year, it made the following

purchases: May $5,30$ units at $$19\mathrm{.}80$; July $16,15$ units at $$24\mathrm{.}20$; and December $7,20$ units at $$29\mathrm{.}50.$ 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$.$ Crane uses the periodic

approach.

Cost of Goods Sold

FIFO

LIFO

$

Average$-$cost