Sunland Marine Products began the year with 10 units of marine floats at a cost...
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Sunland Marine Products began the year with 10 units of marine floats at a cost of $12.60 each. During the year, it made the following purchases: May 5, 30 units at $18.40; July 16, 15 units at $22.20; and December 7, 20 units at $27.00. 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. Sunland uses the periodic approach. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.27 and final answers to O decimal places, e.g. 52.) FIFO LIFO Average-cost LA $ Cost of Goods Sold 876 1091 950
Sunland Marine Products began the year with 10 units of marine floats at a cost of $12.60 each. During the year, it made the following purchases: May 5, 30 units at $18.40; July 16,15 units at $22.20; and December 7,20 units at $27.00. 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. Sunland uses the periodic approach. (For calculation purposes, round average cost per unit to 2 decimal places, es. 5.27 and final answers to 0 decimal places, es. 52)
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