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Accounting

Question 3: Suggested time 15 minutes: 15% points:

The following information is available for Flip Company:

Beginning inventory..600 units at $4.00

First purchase........900 units at $6.00

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: Compute the cost of ending inventory and Cost of Good Sold under the

a. LIFO method.

b. FIFO method.

c. Average-cost method

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9798569

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