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Vaughn Manufacturing began the year with 8 units of marine floats at a cost of $10 each. During the year, it made the following purchases:
Vaughn Manufacturing began the year with 8 units of marine floats at a cost of $10 each. During the year, it made the following purchases: May 5, 35 unit at $16; July 16, 19 units at $21; and December 7, 24 units at $23. Assume there are 34 units on hand at the end of the period. Vaughn uses the periodic approach. I need cost of goods sold in FIFO and LIFO methods. Also need, average costs of goods sold and costs of goods sold under average-cost.
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