The following information is available for Flip Company:

Beginning inventory………………..600 units at $4

First purchase………………………...900 units at $6

Second purchase………………...500 units at $7.20

Assume that Flip uses a periodic inventory system and that there are 700 units left at the end of the month.

Instructions: Compute the cost of ending inventory and Cost of Goods Sold under the

(a) LIFO method.

(b) FIFO method.

(c) Average-cost method

Answer rating: 100% (QA)

a LIFO method Date Beginning Purchases Issues Closing Units Rate Amt Units R... View the full answer