Question: Current Attempt in Progress Flint Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count

 Current Attempt in Progress Flint Ltd. reports the following inventory transactions

Current Attempt in Progress Flint Ltd. reports the following inventory transactions in a periodic inventory system for the month of June. A physical inventory count determined that 1.700 units were on hand at the end of the month Date Units Units Cost Explanation Beginning inventory Total Cost $6,900 June 1 1,380 $5 12 Purchases 2,250 6 13,500 33,670 16 Purchases 4,810 7 23 Purchases 1,620 8 12.960 Determine the cost of the ending inventory and cost of goods sold using (1) FIFO and (2) average cost, (Round FIFO answers to the

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!