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Flint Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 86 units were sold. Date Explanation
Flint Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 86 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $ 8 $ 240 May 15 Purchase 27 9 243 May 24 Purchase 38 10 380 Total 95 $ 863 (a) Your answer is correct. Calculate the cost of goods sold and the ending inventory at May 31 using the FIFO formula. Cost of goods sold $ 773 Ending inventory $ 90 Calculate the cost of goods sold and the ending inventory at May 31 using the average cost formula. (Round average cost to 3 decimal places, e.g. 5.252 and round final answer to 2 decimal places, e.g 5.25.) Cost of goods sold $ 780.02 Ending inventory $ 81.757
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