Determine ending inventory under weighted average cost

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Reference no: EM132234236

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:

Purchases

Sales

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.

Reference no: EM132234236

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