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Flint Limited uses a perpetual inventory system. The inventory records show the following data for its first month of oper Date: Aug 2 3 10 15 25 Explanation Purchases Purchases: Sales Purchases Sales Units 240 515 (322) 933 (312) Unit Cost $69 104 Total Cost $16,560 53,560 124 115,692 Balance in Units 240 755 433 1,366 1,054

Flint Limited uses a perpetual inventory system. The inventory records show the following data for its first month of oper Date: Aug 2 3 10 15 25 Explanation Purchases Purchases: Sales Purchases Sales Units 240 515 (322) 933 (312) Unit Cost $69 104 Total Cost $16,560 53,560 124 115,692 Balance in Units 240 755 433 1,366 1,054

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 Limited uses a perpetual inventory system. The inventory records show the following data for its first month of oper Date: Aug 2 3 10 15 25 Explanation Purchases Purchases. Sales Purchases Sales Unit Cost Units $69 104 240 515 (322) 933 (312) Total Cost $16,560 53,560 124 115,692 Balance in Units 240 755 433 1,366 1,054
Transcribed Image Text:Flint Limited uses a perpetual inventory system. The inventory records show the following data for its first month of oper Date: Aug 2 3 10 15 25 Explanation Purchases Purchases. Sales Purchases Sales Unit Cost Units $69 104 240 515 (322) 933 (312) Total Cost $16,560 53,560 124 115,692 Balance in Units 240 755 433 1,366 1,054
(b) Calculate the cost of goods sold and ending inventory using the average cost method. (Round average cost per unit to 2 decimal places, e.g. 1.25. Round intermediate and final answers to 0 decimal places, e.g. 5,125.) Cost of goods sold $ Ending inventory $ eTextbook and Media Save for Later Attempts: 0 of 2 used Submit Answer
Transcribed Image Text:(b) Calculate the cost of goods sold and ending inventory using the average cost method. (Round average cost per unit to 2 decimal places, e.g. 1.25. Round intermediate and final answers to 0 decimal places, e.g. 5,125.) Cost of goods sold $ Ending inventory $ eTextbook and Media Save for Later Attempts: 0 of 2 used Submit Answer
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