Problem IV $$Inventory methods. Flynt Company was formed on December $1,2016.$ The following information is available from

Flynt $\text{'}$s inventory record for Product X$.$

January $1,2017($beginning inventory$)$

Purchases:

January $5,2017$

January $25,2017$

February $16,2017$

March $15,2017$

A physical inventory on March $31,2017,$ shows $2,500$ units on hand.

Instructions: Prepare schedules to compute the merchandise ending inventory at March $31,2017$ and the Cost of Goods Sold for the

quarter ended on March $31,2027,$ under each of the following inventory methods:

$($a$)$ FIFO

$($b$)$

LIFO

$($c$)$

Weighted$-$average.

Show supporting computations in good form.

Problem IV Solution

FIFO

LIFO

Weighted Average