**Inventory Calculation Exercise**Flaherty Company had beginning inventory on May 1 of $12,000. During the month, the company made purchases of $40,000 but returned $2,000 of goods because they were defective. At the end of the month, the inventory on hand was valued at $15,500.Calculate the cost of goods available for sale and the cost of goods sold for the month.**Cost of goods available for sale:**\[\ $ \ \_\_\_\_\_\_ \]**Cost of goods sold:**\[\ $ \ \_\_\_\_\_\_ \] ### Current Attempt in ProgressIn the first month of operations, Mordica Company made three purchases of merchandise in the following sequence: 1. 200 units at $62. 300 units at $73. 400 units at $9Assuming there are 300 units on hand.Compute the cost of the ending inventory under the FIFO method and the LIFO method. Mordica uses a periodic inventory system.#### FIFO$ [Input Box]#### LIFO$ [Input Box]

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Flaherty Company had beginning inventory on May 1 of $12,000. During the month, the company made purchases of $40,000 but returned $2,000 of goods because they were defective. At the end of the month, the inventory on hand was valued at $15,500. Calculate cost of goods available for sale and cost of goods sold for the month. Cost of goods available for sale Cost of goods sold $

Flaherty Company had beginning inventory on May 1 of $12,000. During the month, the company made purchases of $40,000 but returned $2,000 of goods because they were defective. At the end of the month, the inventory on hand was valued at $15,500. Calculate cost of goods available for sale and cost of goods sold for the month. Cost of goods available for sale Cost of goods sold $

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 33BE

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