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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:
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.
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