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In its first month of operations, Carla Vista Company made three purchases of merchandise in the following sequence: (1) 288 units at $6, (2) 384
In its first month of operations, Carla Vista Company made three purchases of merchandise in the following sequence: (1) 288 units at $6, (2) 384 units at $8, and (3) 480 units at $9. Assuming there are 192 units on hand the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Carla Vista uses a periodic inventory system. Blossom Marine Products began the year with 10 units of marine floats at a cost of $9.00 each. During the year, it made the following purchases: May 5, 30 units at $13.00; July 16,15 units at $15.00; and December 7,20 units at $18.00. 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
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