Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Flint Corporation uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below. Date Number of Units Unit Price May 7 52
Flint Corporation uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below.
Date | Number of Units | Unit Price | ||
May 7 | 52 | $17 | ||
July 28 | 37 | 22 |
On June 1, Flint Corporation sold 26 units, and on August 27, 37 more units.
1) Calculate the average cost for June 1 sale and August 27 sale. (Round answers to 3 decimal places, e.g. 5.125.)
2) Compute the cost of goods sold using FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started