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Compute the cost of goods available for sale and compute

Problem:

The following information is available for Flip Company:

Beginning inventory 600 units at $4

First purchase 900 units at $6

Second purchase 500 units at $7.20

Assume that Flip uses a periodic inventory system and that there are 700 units left at the end of the month.

Instructions:

a. Compute the cost of goods available for sale.

b. Compute the value of ending inventory and Cost of Good Sold under the

(1) LIFO method.

(2) FIFO method.

(3) Average-cost method

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Financial Accounting: Compute the cost of goods available for sale and compute

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Solution Preview :

Prepared by a verified Expert

Financial Accounting: Compute the cost of goods available for sale and compute

Reference No:- TGS0666099

Have a Question? (oR Write a Review)

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Solution Preview :

Prepared by a verified Expert

Financial Accounting: Compute the cost of goods available for sale and compute

Reference No:- TGS0666099

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