# Crane Company began the year with 8 units of marine floats at a cost of \$10 each. During the year, it made the following purchases: May 5, 32 unit at \$15; July 16, 15 units at \$19; and December 7, 20 units at \$23. Assume there are 25 units on hand at the end of the period. Crane uses the periodic approach.  Determine the cost of goods sold under FIFO.  FIFOCost of good sold \$  eTextbook and Media    Determine the cost of goods sold under LIFO.  LIFOCost of good sold \$  eTextbook and Media    Calculate average unit cost. (Round answer to 2 decimal places, e.g. 5.12.)Average unit cost \$  eTextbook and Media    Determine the cost of goods sold under average-cost.  Average-CostCost of good sold \$

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Crane Company began the year with 8 units of marine floats at a cost of \$10 each. During the year, it made the following purchases: May 5, 32 unit at \$15; July 16, 15 units at \$19; and December 7, 20 units at \$23. Assume there are 25 units on hand at the end of the period. Crane uses the periodic approach.

Determine the cost of goods sold under FIFO.

 FIFO Cost of good sold \$

#### eTextbook and Media

Determine the cost of goods sold under LIFO.

 LIFO Cost of good sold \$

#### eTextbook and Media

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

 Average unit cost \$

#### eTextbook and Media

Determine the cost of goods sold under average-cost.

 Average-Cost Cost of good sold \$
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Step 1

FIFO method:

Under this method, the inventory which is purchased first will sold first and the inventory will consists of recent purchases.

Step 2

Calculate number of...

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