Flounder Corp. uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below. Number of Unit Date Units Price May 7 48 $11 July 28 37 16 On June 1, Flounder Corp. sold 24 units, and on August 27, 37 more units. Calculate the average cost per unit. (Round the cost per unit to 3 decimal places, e.g. 5.125.) June 1 sale: $ Aug. 27 sale: $4 SHOW LIST OF ACCOUNTS LINK TO TEXT Compute the cost of goods sold using FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ $4 $1

Flounder Corp. uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below. Number of Unit Date Units Price May 7 48 $11 July 28 37 16 On June 1, Flounder Corp. sold 24 units, and on August 27, 37 more units. Calculate the average cost per unit. (Round the cost per unit to 3 decimal places, e.g. 5.125.) June 1 sale: $ Aug. 27 sale: $4 SHOW LIST OF ACCOUNTS LINK TO TEXT Compute the cost of goods sold using FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST Cost of goods sold $ $4 $1

Name: Flounder Corp. uses a perpetual inventory system. Data for product E2
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Description: Flounder Corp. uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below.Number ofUnitDateUnitsPriceMay 748$11July 283716On June 1, Flounder Corp. sold 24 units, and on August 27, 37 more units.Calculate the average

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
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