Ch.7 Q3

Flounder Corp, uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 118 $4 $472 12 Purchases 6 2,832 23 Purchases 295 8 2,360 30 Inventory 275 472 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, eg. 5.275. Round answers to 0 decimal places, eg. 125.) FIFO LIFO Average-Cost The cost of the ending inventory $ $ The cost of goods sold $ $ $