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Flounder Corp. uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below. Number of Unit Date Units Price May 7 48 $11 July 28 37 16 On June 1, Flounder Corp. sold 24 units, and on August 27, 37 more units. Calculate the average cost per unit. (Round the cost per unit to 3 decimal places, e.g. 5.125.) June 1 sale: $ Aug. 27 sale: $4 SHOW LIST OF ACCOUNTS LINK TO TEXT Compute the cost of goods sold using FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ $4 $1

Flounder Corp. uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below. Number of Unit Date Units Price May 7 48 $11 July 28 37 16 On June 1, Flounder Corp. sold 24 units, and on August 27, 37 more units. Calculate the average cost per unit. (Round the cost per unit to 3 decimal places, e.g. 5.125.) June 1 sale: $ Aug. 27 sale: $4 SHOW LIST OF ACCOUNTS LINK TO TEXT Compute the cost of goods sold using FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ $4 $1

FINANCIAL ACCOUNTING
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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Flounder Corp. uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below. Number of Unit Date Units Price May 7 48 $11 July 28 37 16 On June 1, Flounder Corp. sold 24 units, and on August 27, 37 more units. Calculate the average cost per unit. (Round the cost per unit to 3 decimal places, e.g. 5.125.) June 1 sale: $ Aug. 27 sale: $4 SHOW LIST OF ACCOUNTS LINK TO TEXT Compute the cost of goods sold using FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ $4 $1
Transcribed Image Text:Flounder Corp. uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below. Number of Unit Date Units Price May 7 48 $11 July 28 37 16 On June 1, Flounder Corp. sold 24 units, and on August 27, 37 more units. Calculate the average cost per unit. (Round the cost per unit to 3 decimal places, e.g. 5.125.) June 1 sale: $ Aug. 27 sale: $4 SHOW LIST OF ACCOUNTS LINK TO TEXT Compute the cost of goods sold using FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ $4 $1
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