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Problem:
The following information is available for Flip Company:
Beginning inventory 600 units at $4
First purchase 900 units at $6
Second purchase 500 units at $7.20
Assume that Flip uses a periodic inventory system and that there are 700 units left at the end of the month.
Instructions:
a. Compute the cost of goods available for sale.
b. Compute the value of ending inventory and Cost of Good Sold under the
(1) LIFO method.
(2) FIFO method.
(3) Average-cost method
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