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Flounder Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,520 units
Flounder Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,520 units were on hand at the end of the month. Determine the cost of the ending inventory and cost of goods sold using (1) FIFO and (2) average cost. (Round FIFO answers to 0 decimal places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25.) Flounder Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1,520 units were on hand at the end of the month. Determine the cost of the ending inventory and cost of goods sold using (1) FIFO and (2) average cost. (Round FIFO answers to 0 decimal places, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 5,275.25.)
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