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