Oriole Company Inc. had a beginning inventory of 105 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 595 units at $8 Aug. 12 410 units at $10 May 5 500 units at $9 Dec. 8 100 units at $11 Oriole Company uses a periodic inventory system. Sales totaled 1,485 units. (a) Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $ 15,195 (61) eTextbook and Media Your Answer Correct Answer * Your answer is incorrect. Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 2.237) Average cost per unit $ (b2) eTextbook and Media Solution 8.89 Attempts: 1 of 3 used Attempts: 3 of 3 used Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, eg. 5,125.) The ending $ inventory The cost of goods $ sold FIFO $ $ LIFO S $ AVERAGE-COST

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.

Sales during the year were 700 units. Beginning Inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending Inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Total Periodic LIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Cost of Goods Available for Sale Cost of Goods Available for Sale Total # of units Cost per unit Cost of Goods Available for Sale Cost of Goods Available for Sale # of units b. Assume the periodic Inventory system is used. Calculate cost of goods sold and ending Inventory using LIFO method. (Enter all values as a positive value.) Cost of Goods Sold Cost per unit Cost per unit # of units sold Cost of Goods Sold Cost of Goods Sold Cost per unit # of units sold Inventory Balance Cost per unit Cost of Goods Sold # of…

The beginning inventory was 500 units at a cost of $11 per unit. Goods available for sale during the year were 1,900 units at a total cost of $22,900. In May, 800 units were purchased at a total cost of $9,600. The only other purchase transaction occurred during October. Ending inventory was 850 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. b. 1. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. 2. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Note: Enter all values as a positive value. Periodic LIFO Beginning Inventory Purchases: May October Total Cost of Goods Available…

The following amounts and costs of platters were available for sale by Sierra Pottery during the year: Beginning inventory 10 units at $41 First purchase 15 units at $55 Second purchase 30 units at $70 Third purchase 25 units at $65 Sierra Pottery has 35 platters on hand at the end of the year. How much is cost of goods sold in dollars at the end of the year according to the weighted-average cost method? Select one: a. $4,960 b. $1,732.50 C. $2,790 d. $1,860

A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $7 per unit. On August 3, the company purchased 16 units at $14 per unit. Then, on August 5, the company sold 12 units. The 12 units sold consisted of 7 units from the August 3rd purchase and 5 units from the August 1st beginning inventory. Using specific identification, the cost of the 12 units sold is Cost of the units sold

Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 72 units at a cost of $ 6 per unit. During April, the following purchases and sales were made. Purchases April 7   62   units at $ 7.00 13   124   units at $ 8.00 23   94   units at $ 9.00 29   52   units at $ 10.00     332       Sales April 5   124   units at $ 20 11   94   units at $ 20 20   84   units at $ 20 30   42   units at $ 20     344     Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. (Round cost per unit to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 1,525.)

Quick Stop Dairy had beginning inventory of Heavy Cream of 200 units at a cost of $2 each. During the month, they had the following purchases:   1st purchase:   500 units at $3 each 2nd purchase:  400 units at $4 each   Quick Stop Dairy sold 1,000 units to a customer. Using a FIFO cost flow assumption, determine the cost of goods sold for this sale as well as the balance in ending inventory

Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available.       Units     Unit Cost     Total Cost April 1 inventory     250     $10     $ 2,500 April 15 purchase 400  12 4,800 April 23 purchase   350  13   4,550   1,000   $11,850 Compute the April 30 inventory and the April cost of goods sold using the average-cost method.

Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:       Quantity Unit Cost Total Cost Beginning inventory (Jan. 1)   23   $ 14   $ 322   Purchase (Jan. 11)   15   $ 20     300   Purchase (Jan. 20)   26   $ 22     572   Total   64         $ 1,194         On January 14, Beech Soda, Inc. sold 28 units of this product. The other 36 units remained in inventory at January 31.   Assuming that Beech Soda uses the FIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is: