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Flint Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information:

			Purchases						Cost of Goods Sold						Ending Inventory
Date			Units		Cost		Total		Units		Cost		Total		Units		Cost		Total
Oct.	2		8,700		$ 12		$ 104,400								8,700		$ 12		$ 104,400
	15		14,500		16		232,000								[1]		[2]
															[3]		[4]		[5]
	29								22,200
									[6]		[7]
									[8]		[9]		[10]		[11]		[12]		[13]

The company accountant has prepared the following partial statement of income to help management understand the financial statement impact of each cost determination cost formula.

		FIFO		Average
Sales		$ 546,000		$ 546,000
Cost of goods sold
Gross profit
Operating expenses		214,000		214,000
Income before income tax
Income tax expense ( 30%)
Net income

Fill in the missing amounts in the perpetual inventory schedule, assuming the use of the average cost formula.

			Purchases				Cost of Goods Sold				Ending Inventory
Date			Units	Cost	Total		Units	Cost	Total		Units	Cost	Total
Oct.	2		8,700	$ 12	$ 104,400						8,700	$ 12	$ 104,400
	15		14,500	16	232,000						enter a number of units rounded to the nearest whole	enter a dollar amount rounded to 2 decimal places	$ enter a total amount rounded to the nearest whole
	29						22,200	enter a dollar amount rounded to 2 decimal places	enter a total amount rounded to the nearest whole		enter a number of units rounded to the nearest whole	enter a dollar amount rounded to 2 decimal places	enter a total amount rounded to the nearest whole

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