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Determine the cost of goods sold under lifo

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Reference no: EM132721497

Blossom Company began the year with 9 units of marine floats at a cost of $10 each. During the year, it made the following purchases: May 5, 24 unit at $16; July 16, 19 units at $20; and December 7, 24 units at $23. Assume there are 28 units on hand at the end of the period. Blossom uses the periodic approach.

Question 1: Determine the cost of goods sold under LIFO.

Question 2: Calculate average unit cost. (Round answer to 2 decimal places, e.g. 5.12.)

Question 3: Determine the cost of goods sold under average-cost.

Reference no: EM132721497

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