Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

%3Cp%3EThe%20following%20information%20is%20available%20for%20Flip%20Company%3A%3C%2Fp%3E%0A%3Cp%3EBeginning%20inventory%20%20%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20600%20units%20at%20%245%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EFirst%20purchase%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B900%0Aunits%20at%20%246%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3ESecond%20purchase%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B500%20units%20at%0A%247.25%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cbr%20%2F%3E%3C%2Fp%3E%0A%3Cp%3EAssume%20that%20Flip%20uses%20a%20periodic%20inventory%20system%20and%20that%20there%0Aare%20700%20units%20left%20at%20the%20end%20of%20the%20month.%20(Round%20all%20final%0Aanswers%20to%20the%20nearest%20dollar.)%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cbr%20%2F%3E%3C%2Fp%3E%0A%3Cp%3EInstructions%3A%20a.%20Compute%20the%20cost%20of%20goods%20available%20for%0Asale.%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3Bb.%20Compute%20the%20value%20of%20ending%20inventory%20and%0ACost%20of%20Good%20Sold%20under%20the%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20(1)%20LIFO%20method.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20(2)%20FIFO%20method.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20(3)%20Average-cost%20method%3C%2Fp%3E%0A%3Cp%3E%3Cbr%20%2F%3E%3C%2Fp%3E%0A%3Cp%3E**PLEASE%20SHOW%20WORK%20TO%20HELP%20ME%20UNDERSTAND***%3C%2Fp%3E%0A%3Cdiv%3E%3Cbr%20%2F%3E%3C%2Fdiv%3E%0A

%3Cp%3EThe%20following%20information%20is%20available%20for%20Flip%20Company%3A%3C%2Fp%3E%0A%3Cp%3EBeginning%20inventory%20%20%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20600%20units%20at%20%245%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EFirst%20purchase%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B900%0Aunits%20at%20%246%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3ESecond%20purchase%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B500%20units%20at%0A%247.25%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cbr%20%2F%3E%3C%2Fp%3E%0A%3Cp%3EAssume%20that%20Flip%20uses%20a%20periodic%20inventory%20system%20and%20that%20there%0Aare%20700%20units%20left%20at%20the%20end%20of%20the%20month.%20(Round%20all%20final%0Aanswers%20to%20the%20nearest%20dollar.)%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cbr%20%2F%3E%3C%2Fp%3E%0A%3Cp%3EInstructions%3A%20a.%20Compute%20the%20cost%20of%20goods%20available%20for%0Asale.%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3Bb.%20Compute%20the%20value%20of%20ending%20inventory%20and%0ACost%20of%20Good%20Sold%20under%20the%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20(1)%20LIFO%20method.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20(2)%20FIFO%20method.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20(3)%20Average-cost%20method%3C%2Fp%3E%0A%3Cp%3E%3Cbr%20%2F%3E%3C%2Fp%3E%0A%3Cp%3E**PLEASE%20SHOW%20WORK%20TO%20HELP%20ME%20UNDERSTAND***%3C%2Fp%3E%0A%3Cdiv%3E%3Cbr%20%2F%3E%3C%2Fdiv%3E%0A

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_step_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Distinguish between poor and good positive and neutral messages.

Answered: 1 week ago

Question

Describe the four specific guidelines for using the direct plan.

Answered: 1 week ago