Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Marigold Corp. began the year with 9 units of marine floats at a cost of $12 each. During the year, it made the following purchases:
Marigold Corp. began the year with 9 units of marine floats at a cost of $12 each. During the year, it made the following purchases: May 5, 35 unit at $17; July 16, 18 units at $20; and December 7, 23 units at $24. Assume there are 31 units on hand at the end of the period. Marigold uses the periodic approach.
Determine the cost of goods sold under FIFO= $903
Determine the cost of goods sold under LIFO= $1133
Calculate average unit cost.(Round answer to 2 decimal places, e.g.5.12.)
Your answer is incorrect 18.25.
Please help i am stuck.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started