Flint-Mart Centre Inc. opened for business on May 1, and uses a perpetual inventory system. During May, the company had thefollowing purchases and sales for one of its products:DateMay13813152027PurchasesUnits12010060Unit Cost$100109114Units80806040SalesUnit Price$254278304328 Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Average answers to 2decimal places, e.g. 5.75.)

Flint-Mart Centre Inc. opened for business on May 1, and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products: Date May 1 3 8 13 2285 15 20 27 Units 120 100 Purchases 60 Unit Cost $100 109 114 Units 80 80 Sales Unit Price 60 40 4 $254 278 304 328

Flint-Mart Centre Inc. opened for business on May 1, and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products: Date May 1 3 8 13 2285 15 20 27 Units 120 100 Purchases 60 Unit Cost $100 109 114 Units 80 80 Sales Unit Price 60 40 4 $254 278 304 328

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 7MCQ

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