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Flint Corporation uses a periodic inventory system and reports the following for the month of June. Explanation Units Inventory 92 Purchases Purchases Date June 1 12 23 30 (a) Inventory 368 230 210 The cost of goods sold The cost of the ending inventory Unit Cost $4 $ 6 8 Total Cost Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, eg 5.275, Round answers to 0 decimal places, eg. 125.) FIFO 1/100 $368 2,208 1.840 LIFO 690 $ $ Average-Cost 646

Flint Corporation uses a periodic inventory system and reports the following for the month of June. Explanation Units Inventory 92 Purchases Purchases Date June 1 12 23 30 (a) Inventory 368 230 210 The cost of goods sold The cost of the ending inventory Unit Cost $4 $ 6 8 Total Cost Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, eg 5.275, Round answers to 0 decimal places, eg. 125.) FIFO 1/100 $368 2,208 1.840 LIFO 690 $ $ Average-Cost 646

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Flint Corporation uses a periodic inventory system and reports the following for the month of June. Explanation Units Unit Cost Inventory 92 $4 Purchases Purchases Inventory Date June 1 (a) 12 23 30 368 230 210 The cost of the ending inventory The cost of goods sold $ 6 $ 8 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, eg. 5.275. Round answers to 0 decimal places, eg. 125) LIFO Total Cost $368 2,208 1.840 FIFO 690 $ Average-Cost 646
Transcribed Image Text:Flint Corporation uses a periodic inventory system and reports the following for the month of June. Explanation Units Unit Cost Inventory 92 $4 Purchases Purchases Inventory Date June 1 (a) 12 23 30 368 230 210 The cost of the ending inventory The cost of goods sold $ 6 $ 8 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, eg. 5.275. Round answers to 0 decimal places, eg. 125) LIFO Total Cost $368 2,208 1.840 FIFO 690 $ Average-Cost 646
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