Kingbird, Inc. began the year with 8 units of marine floats at a cost of $11 each. During the year, it made the following purchases: May 5, 35 unit at $17; July 16, 15 units at $21; and December 7, 20 units at $25. Assume there are 30 units on hand at the end of the period. Kingbird uses the periodic approach.

Determine the cost of goods sold under FIFO.

Determine the cost of goods sold under LIFO.

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

Determine the cost of goods sold under average-cost. Average-Cost Cost of good sold.

Answer rating: 100% (QA)

Answer Answers 250 Cost of Goods Sold FIFO 915 LIFO 1... View the full answer