Question

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Exercise 211 (Part Level Submission) Flint Company reports the following for the month of June. Units Unit Cost Total Cost $900 Date June 1 12 23 30 Explanation Inventory Purchase Purchase Inventory 2,625 4,500 a (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to o decimal places, 0.9. 2,520.) FIFO LIFO AVERAGE COST Ending Inventory Cost of goods sold Click If you would like to Show Work for this question: Open Show Work

Answer 1

Total units available for sale = 225+525+750 = 1500 units

Total cost of goods available for sale = 900+2625+4500 = $8025

Average cost per unit = 8025 / 1500 = $5.35 per unit

(a)

FIFO

Ending inventory = 280*6 = $1680

Cost of goods sold = 8025 - 1680 = $6345

LIFO

Ending inventory = 225*4 + (280-225)*5 = $1175

Cost of goods sold = 8025 - 1175 = $6850

Average Cost

Ending inventory = 280*5.35 = $1498

Cost of goods sold = 8025 - 1498 = $6527