1 answer

- determine the cost of goods sold under FIFO - determine the cost of goods sold...

Question:

Metlock, Inc. began the year with 11 units of marine floats at a cost of $12 each. During the year, it made the following pur- determine the cost of goods sold under FIFO

- determine the cost of goods sold under LIFO

- calculate average unit cost

- determine cost of goods sold under average cost

Metlock, Inc. began the year with 11 units of marine floats at a cost of $12 each. During the year, it made the following purchases: May 5, 32 unit at $17; July 16, 16 units at $20; and December 7, 21 units at $24. Assume there are 24 units on hand at the end of the period. Metlock uses the periodic approach.

Answers

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.

Answer 2 Firstly we have to calculate the number of units sold = units available for sale - ending inventory 3 = (11+32+16+21

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