The materials account of the Flynn Company reflected the following changes during May: Assuming that Flynn Company maintains perpetual inventory records, calculate the ending inventory at May 31 and the cost of the units issued in May using each of the following methods:
(a) First in, first out (FIFO)
(b) Last in, first out (LIFO)
(c) Moving average

Question

The materials account of the Flynn Company reflected the following changes during May:  Assuming that Flynn Company maintains perpetual inventory records, calculate the ending inventory at May 31 and the cost of the units issued in May using each of the following methods:
(a) First in, first out (FIFO)
(b) Last in, first out (LIFO)
(c) Moving average

Quizplus · Accepted Answer

The Answer of The materials account of the Flynn Company reflected the following changes during May:  Assuming that Flynn Company maintains perpetual inventory records, calculate the ending inventory at May 31 and the cost of the units issued in May using each of the following methods:
(a) First in, first out (FIFO)
(b) Last in, first out (LIFO)
(c) Moving average

The Materials Account of the Flynn Company Reflected the Following