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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 1 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education