Flint Inc. uses a perpetual inventory system. Its records show the following for the month of May. May May May May (a) Date 1 (b) 15 18 24 Explanation Inventory Purchase Sale Purchase Total Cost of goods sold Ending Inventory Save for Later $ Ending Inventory $ Cost of goods sold $ Units 29 25 $ (49) 43 97 Unit Cost Your answer has been saved. See score details after the due date. Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. $11 12 13 Total Cost 559 $319 619 300 559 $1,178 Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, e.g. 15.235 in your calculations and round final answers to 2 decimal places, eg 5.25.) Attempts: 1 of 1 used Attempts: 0 of 1 used Submit Answer

Flint Inc. uses a perpetual inventory system. Its records show the following for the month of May. May May May May (a) Date 1 (b) 15 18 24 Explanation Inventory Purchase Sale Purchase Total Cost of goods sold Ending Inventory Save for Later $ Ending Inventory $ Cost of goods sold $ Units 29 25 $ (49) 43 97 Unit Cost Your answer has been saved. See score details after the due date. Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. $11 12 13 Total Cost 559 $319 619 300 559 $1,178 Calculate the cost of goods sold for May and the ending inventory at May 31 using the average cost formula. (For average, use 3 decimal places, e.g. 15.235 in your calculations and round final answers to 2 decimal places, eg 5.25.) Attempts: 1 of 1 used Attempts: 0 of 1 used Submit Answer

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...

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