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1. FlipCo, which uses the periodic method and weighted average costing, begins operations in 20X8. On January 15, Flip Co purchases 20 units at $6

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1. FlipCo, which uses the periodic method and weighted average costing, begins operations in 20X8. On January 15, Flip Co purchases 20 units at $6 each; on March 21, 30 units at $7.00 each, on June 1, 450 units at $5.25 each, and on November 12, 50 units at $6.25 each. a. What is FlipCo's cost per unit? b. If ending inventory is 125 units, what is FlipCo's 20X8 ending inventory and COGS? 2. CommerceCo. provides you with the following information: December 31, 20X8 January 28, 20X9 January 28, 20X9 October 5, 20X9 October 9, 20X9 Ending inventory of 600 units Purchase of 700 units @ $23 Freight for purchase Purchase of 900 units @ $25 Return of 200 units @ $25 $ 8,800 16,100 500 22.500 5,000 On December 31, 20X9, there are 1,200 units on hand. Using the weighted average method, what is cost of goods sold on CommerceCo's 20X9 income statement? 3. RichCo starts up in 20X9. The company makes the following purchases: Purchase date January 15 April 12 June 7 August 25 September 5 December 11 Units purchased 700 2,600 3,300 1,300 5,100 Unit cost $16 $17 $19 Total cost $ 11,200 44,200 62,700 28,600 122,400 24,300 $22 $24 $27 RichCo's 20X9 year-end physical count finds 2,600 units on hand. If Rich Co uses weighted- average costing, what is 20X9 goods available for sale, ending inventory, and COGS

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