Sunnyside Marine Products began the year with 10 units of marine fl oats at a cost of
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Sunnyside Marine Products began the year with 10 units of marine fl oats at a cost of $11 each. During the year, it made the following purchases: May 5, 30 unit at $16; July 16, 15 units at $19; and December 7, 20 units at $23. 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. Sunnyside uses the periodic approach.
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Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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