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 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
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