Oriole Company's record of transactions for the month of April was as follows. Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. Oriole Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 4 8 13 21 Purchases 29 1,440 @ $6.00 3,600 @ 1,920 @ 2,880 @ S 1,680 @ 12,720 6.10 6.40 6.60 1,200 @ 6.80 6.50 April 3 9 11 23 27 Sales 1,200 @ 3,360 @ 1,440 @ 2,880 @ 2,160 @ 11,040 $10.00 10.00 11.00 11.00 12.00

Oriole Company's record of transactions for the month of April was as follows. Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. Oriole Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 4 8 13 21 Purchases 29 1,440 @ $6.00 3,600 @ 1,920 @ 2,880 @ S 1,680 @ 12,720 6.10 6.40 6.60 1,200 @ 6.80 6.50 April 3 9 11 23 27 Sales 1,200 @ 3,360 @ 1,440 @ 2,880 @ 2,160 @ 11,040 $10.00 10.00 11.00 11.00 12.00

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 3PEA: Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual...

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