- determine the cost of goods sold under FIFO

- determine the cost of goods sold under LIFO

- calculate average unit cost

- determine cost of goods sold under average cost

Metlock, Inc. began the year with 11 units of marine floats at a cost of $12 each. During the year, it made the following purchases: May 5, 32 unit at $17; July 16, 16 units at $20; and December 7, 21 units at $24. Assume there are 24 units on hand at the end of the period. Metlock uses the periodic approach