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Question - Flounder Corp. reports the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
122
$5
$610
June 12
Purchases
392
6
2,352
June 23
185
7
1,295
June 30
221
A sale of 428 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10.
Calculate the average cost per unit, using a perpetual inventory system.
Calculate cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sales of 428 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10.
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