1. Flint Corporation uses a perpetual inventory system. On November 19, the company sold 620 units. The following additional information is available:
|
Units |
|
Unit
Cost |
|
Total
Cost |
| Nov. 1 inventory |
|
310 |
|
|
$12 |
|
|
$3,720 |
|
| Nov. 15 purchase |
|
430 |
|
|
15 |
|
|
6,450 |
|
| Nov. 23 purchase |
|
450 |
|
|
17 |
|
|
7,650 |
|
|
|
1,190 |
|
|
|
|
|
$17,820 |
2. Calculate the November 30 inventory and the November cost of goods sold, using the moving average cost formula. (Round unit cost to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places. e.g. 5,275.)
Cost of Goods Sold $
Ending Inventory $
3. Calculate the November 30 inventory and the November cost of goods sold, using the FIFO cost formula.
Cost of Goods Sold $
Ending Inventory $