Question
The following information is available for Flip Company: Beginning inventory..600 units at $4 First purchase...900 units at $6 Second purchase...500 units at $7.20 Assume that
The following information is available for Flip Company:
Beginning inventory………………..600 units at $4
First purchase………………………...900 units at $6
Second purchase………………...500 units at $7.20
Assume that Flip uses a periodic inventory system and that there are 700 units left at the end of the month.
Instructions: Compute the cost of ending inventory and Cost of Goods Sold under the
(a) LIFO method.
(b) FIFO method.
(c) Average-cost method
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
15th edition
978-1118159644, 9781118562185, 1118159640, 1118147294, 978-1118147290
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