Answered step by step
Verified Expert Solution
Link Copied!

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Currency Internationalization Global Experiences And Implications For The Renminbi

Authors: Wensheng Peng, Chang Shu

2nd Edition

0230580491, 9780230580497

More Books

Students also viewed these Accounting questions

Question

Identify the major phases of the training and HRD process

Answered: 1 week ago