1.The materials account of the Flynn Company reflected the following changes during May:

Balance, May 1

500 units @ $10

Received, May 5

300 units @ $12

Issued, May 10

400 units

Received, May 15

200 units @ $15

Issued, May 25

300 units

Assuming that Flynn Company maintains perpetual inventory records, calculate the ending inventory at May 31 and the cost of the units issued in May using each of the following methods:

(a) First in, first out (FIFO)

(b) Last in, first out (LIFO)

(c) Moving average

ANS: Show your calculation.

(a) FIFO

Ending Inventory:

Cost of Units Issued:

(b) LIFO

Ending Inventory:

Cost of Units Issued:

(c) Moving Average

Ending Inventory:

Cost of Units Issued: