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Flint Furniture Ltd, uses a perpetual inventory system and has a beginning inventory, as at June 1, of 520 bookcases at a cost of $126
Flint Furniture Ltd, uses a perpetual inventory system and has a beginning inventory, as at June 1, of 520 bookcases at a cost of $126 each. During June, the company had the following purchases and sales of bookcases: Date Purchases Units Unit cost 1.260 $128 Sales Units Unit price June 6 10 980 $201 14 1,830 129 16 1,660 206 26 1,000 130 (a) Determine the cost of goods sold and the cost of the ending inventory using the average cost formula (Use unrounded numbers for average cost calculations. Round answers to 2 decimal places. eg 5.52.) Cost of goods sold $ Cost of the ending inventory $
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