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Inventory
Flip uses the periodic method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.25
Jan. 7
125
10.00
Jan. 10
7.50
Jan. 12
75
12.00
Jan. 15
Jan. 17
200
Jan. 20
7.75
Jan. 24
15.00
Jan. 25
8.00
Jan. 30
8.25
Note: January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar value of sales.
c. Calculate the value of Ending Inventory and Cost of Good Sold under the following independent assumptions:
1) LIFO method
2) FIFO method
3) Average-cost method
Answer goes below:
a. Cost of Goods Available for Sale
b. Sales
c. Value of:
Ending Inventory
COGS
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