Mastering Inventory Section 4-INVENTORY COSTING THE WEIGHTED AVG. AND MOVING AVG. METHODS 1. FlipCo, which uses the periodic method and weighted average costing, begins operations in 20X8. On January 15, FlipCo purchases 20 units at $6 each; on March 21, 30 units at $7.00 each, on June 1, 450 units at $5.25 each, and on November 12, 50 units at $6.25 each a. What is FlipCo's cost per unit? b. If ending inventory is 125 units, what is FlipCo's 20X8 ending inventory and COGS? 3. RichCo starts up in 20X9. The company makes the following purchases: Purchase date Units purchased Unit cost January 15 700 $16 Total cost $ 11.200 April 12 2,600 $17 44,200 June 7 3,300 $19 62,700 August 25 1,300 $22 28,600 September 5 5,100 $24 122,400 December 11 900 $27 24,300 RichCo's 20X9 year end physical count finds 2,600 units on hand. If RichCo uses weighted- average costing, what is 20X9 goods available for sale, ending inventory, and COGS? July and uses moving average costing under the Mastering Inventory 5. Pendulum Inc. uses moving average costing. Its 20X8 ending inventory is 900 units that have an average cost of $12.20 each. Transactions during 20X9 are: February 23, 20X9 Purchases 1,200 @ $13 Sales March 1, 20X9 1,500 @ $22 May 15, 20X9 300 @ $14 June 23, 20X9 400 @ $25 November 21, 20X9 500 @ $11 December 24, 20X9 600 @ $35 a. Prepare the journal entries that should be recorded for the three sales. b. What does Pendulum report as ending inventory on its balance sheet