Inventory data for Flanagan Company are presented in E6-6. Instr 1 answer below »

Inventory data for Flanagan Company are presented in E6-6.
Instructions
(a) Compute the cost of the ending inventory and the cost of goods sold using the average-cost method.
(b) Will the results in (a) be higher or lower than the results under (1) FIFO and (2) LIFO?
(c) Why is the average unit cost not $6?

 

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