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Question - Flint Corporation began operations on December 1, 2016. The only inventory transaction in 2016 was the purchase of inventory on December 10, 2016, at a cost of $20 unit. None of this inventory was sold in 2016. Relevant information for fiscal 2017 is as follows:
Ending inventory units:
December 31, 2016 140
December 31, 2017, by purchase date
Dec. 2, 2017 140
July 20, 2017 32 172
During 2017, the following purchases and Sales were made:
Mar. 15 310 units at $24
Apr. 10 200
July 20 310 units at $27
Aug. 20 290
Sept. 4 210 units at $29
Nov. 18 170
Dec. 2 140 units at $31
Dec. 12 278
The company USES the periodic inventory method.
Determine Ending inventory under Specific identification.
Determine ending inventory under FIFO.
Determine Ending inventory under weighted average cost.
Compute Grant's accounts receivables turnover ratio for the year, assuming the receivables are sold, and discuss how factoring of receivables affects the turnover ratio.
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