Question
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.
(A)Determine the cost of goods sold under FIFO=903
(B)Determine the cost of goods sold under LIFO=1133
(C)Calculate average unit cost. (Round answer to 2 decimal places, e.g. 5.12.)=19
(D)Determine the cost of goods sold under average-cost=?
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