Flint-Mart Centre Inc. opened for business on May 1, and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products:

			Purchases				Sales
Date			Units		Unit Cost		Units		Unit Price
May	1		120		$100
	3						80		$254
	8		100		109
	13						80		278
	15		60		114
	20						60		304
	27						40		328

Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Average answers to 2 decimal places, e.g. 5.75.)

		FIFO		Average
Cost of Goods Sold		$		$
Ending Inventory		$		$

Identify the cost formula the company should use if it wants to maximize gross profit and net income? Choose your answer here NeitherAverageFIFO

Which cost formula produces the higher ending inventory valuation? Choose your answer here AverageNeitherFIFO

Which cost formula produces the higher cash flow? Choose your answer here FIFONeitherAverage