flynt company was formed on December 1 2006. the following information is available from flynts inventory record for product x. assuming flynt is under a perpetual inventory method determine the cost of goods sold and ending inventory under each of the following inventory methods

Problem 1 (12 points) Flynt Company was formed on December 1, 2006. The folowing information is available from Flynt's inventory record for Product X. Units Unit Cost 1,600 2,600 2,400 4,300 1,000 1,800 3,400 January 1, 2007 (beginning inventory) Purchase: January 5, 2007 Purchase: January 25, 2007 $18.00 $20.00 $21.00 $42.00 $22.00 $23.00 $43.00 Sale: February 12, 2007 Purchase: February 16, 2007 Purchase: March 15, 2007 Sale: March 30, 2007 Instructions Assuming Flynt uses a perpetual inventory method determine cost of goods sold and ending inventory under each of the following inventory methods: a) LIFO. b) Weighted-average