Marin Inc. uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below.
Date Number of Units Unit Price
May 7 60 $17
July 28 34 22
On June 1, Marin Inc. sold 30 units, and on August 27, 34 more units.
a) Calculate the average cost. (Round answers to 3 decimal places, e.g. 5.125.)
June 1 sale: $
Aug. 27 sale: $
b) Compute the cost of goods sold using FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.)
Cost of goods sold FIFO LIFO AVERAGE-COST – $ $ $