Flint Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information Cost of Goods Sold Units Cost Total Date Oct. 2 15 Units 8,700 14.500 Purchases Cost Total $12 $104.400 16 232,000 Units 8.700 117 13) Ending Inventory Cost Total 512 $104.400 21 14] 5] 29 22,200 16) 18 17 191 110) 1111 [12] 113) The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula. FIFO $546,000 Average $546,000 Sales Cost of goods sold Gross profit Operating expenses Income before income tax Income tax expense (30%) Net income 214,000 214,000 e Textbook and Media Attempts: 2 of 3 used (b) Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the average cost formula. (Round "Cost" answers to 2 decimal places, e. 1.25 and other answers to the nearest whole dollars. 5.275) Cost of Goods Sold Cost Date Oct. 2 Units Total Purchases Units Cost Total 8,700 $12 $104,400 14.500 16 232.000 U 15 29 22.200 e Textbook and Media Save for later Attempts: 0 of 3 used Submit Answer (b) Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the average cost formula. Round Cout answers to 2 decimal places 1.25 and other answers to the nearest whole dollars 5.275) of Goods Sold Total Units Ending Inventory Cost 512 Total 8,700 5104400 eTextbook and Media Sanctorate Attempts: 0 of 3 used Submit