Please give detailed explanations and show calculations on how you got your answer.- Metlock Marine Products began the year with 11 units of marine floats at a cost of $12 each. During the year, it made the followingpurchases: May 5, 32 units at $17: July 16, 16 units at $20; and December 7, 21 units at $24. Assume there are 24 units on hand at theend of the period. Metlock uses the periodic system. Determine the cost of goods sold under FIFO.Cost of good soldeTextbook and MediaDetermine the cost of goods sold under LIFO.Cost of good sold$eTextbook and Media1,500Calculate weighted-average unit cost. (Round answer to 2 decimal places, e.g. 5.12.)Weighted-average unit costeTextbook and MediaDetermine the cost of goods sold under average-cost. (Round answer to 0 decimal places, e.g. 5,120.)

Answered: Determine the cost of goods sold under…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please give detailed explanations and show calculations on how you got your answer.

Metlock Marine Products 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 units 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 system.

Determine the cost of goods sold under FIFO.
Cost of good sold
eTextbook and Media
Determine the cost of goods sold under LIFO.
Cost of good sold
$
eTextbook and Media
1,500
Calculate weighted-average unit cost. (Round answer to 2 decimal places, e.g. 5.12.)
Weighted-average unit cost
eTextbook and Media
Determine the cost of goods sold under average-cost. (Round answer to 0 decimal places, e.g. 5,120.)

Expert Solution

Step 1 Introduction

Valuation of Inventory - is the crucial factor during the finalization of accounts in view of determining the value of the inventory to be presented in the financial statements. The valuation of inventory can be done using various methods like the FIFO method, simple average cost method, LIFO, weighted average method, etc.

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I don't understand the explanation of how you got the cost of goods sold under LIFO, could you please use the numbers used instead of using the cell numbers like B15 etc. I dont understand that because i don't use Excel. Please use the number that corresponds.

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