You have the followinginformation for Oriole inc. Oriole inc.uses the periodic method of accounting for its inventorytransactions Beginning inventory 2200 liters at a cost of 60e per liter. March March 3 Purchased 2.500 liters ata cost of 70c per liter. 5 Sold 2300 iters for $105 per liter. 20 Purchased 4000 liters at a cost of 77e per liter. 20 Purchased 2400 liters ata cost of 85c per liter. March 30 Solds.000 iters for $125 per liter. March March March (a1) Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, es 125.25) (1) Specific identification method assuming O The March 5 sale consisted of 1.000 liters from the March 1 beginning inventory and 1.300 liters from the March 3 purchase; and O The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 iters from March 3: 2.900 liters from March 10: 1.100 liters from March 20. (2) FIFO (3) LIFO

You have the followinginformation for Oriole inc. Oriole inc.uses the periodic method of accounting for its inventorytransactions Beginning inventory 2200 liters at a cost of 60e per liter. March March 3 Purchased 2.500 liters ata cost of 70c per liter. 5 Sold 2300 iters for $105 per liter. 20 Purchased 4000 liters at a cost of 77e per liter. 20 Purchased 2400 liters ata cost of 85c per liter. March 30 Solds.000 iters for $125 per liter. March March March (a1) Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, es 125.25) (1) Specific identification method assuming O The March 5 sale consisted of 1.000 liters from the March 1 beginning inventory and 1.300 liters from the March 3 purchase; and O The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 iters from March 3: 2.900 liters from March 10: 1.100 liters from March 20. (2) FIFO (3) LIFO

Name: You have the followinginformation for Oriole inc. Oriole inc uses the
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Description: You have the followinginformation for Oriole inc. Oriole inc uses the periodic method of accounting for its inventory transactions.1 Beginning inventory 2200 liters at a cost of 60e per liter.3 Purchased 2.500 liters atacost of 70e per liter.MarchMa

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3 Purchase 8 $14 10 Sale 5 17 Purchase 15 $15 20 Sale 5 23 Sale 3 30 Purchase 8 $23 Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. a.$190 b.$529 c.$521 d.$331
Waterway Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase (a) Units Unit Cost 260 360 380 1,000 $29 Weighted average cost per unit 35 38 Total Cost $ $7,540 12,600 Calculate weighted average cost per unit. (Round answer to 2 decimal places, eg. 2.76) 14,440 $34,580
Imar Corporation sells sacks of cement. The inventory data presents the following information: At what amount should Imar Corporation report as Cost of Goods Sold under the periodic and perpetual system of FIFO method?
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The Boxwood Company sells blankets for $30 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3 Purchase 33 $10 10 Sale 13 17 Purchase 20 $12 20 Sale 23 23 Sale 1 30 Purchase 25 $13 Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method. a.$18 b.$200 c.$12 d.$236
The Boxwood Company sells blankets for $35 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3 Purchase 7 $16 10 Sale 3 17 Purchase 12 $15 20 Sale 5 23 Sale 2 30 Purchase 12 $24 Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. a.$427 b.$580 c.$456 d.$153
Co.’s purchases and sales of a particular product during the year are shown below:Jan. 1 Beginning Inventory 1,500 units @ $ 10Jan. 18 Purchase 1,250 units @ $ 12Jan 20 Sold 1,500 units @ $ 20Jan. 25 Purchase 1,750 units @ $ 14Jan. 27 Sold 1,750 units @ $ 25Jan. 29 Purchase 500 units @ $ 15 Assuming that company uses perpetual inventory system, determine thecost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction by usinginventory subsidiary ledger for LIFO cost flow assumption.
Simple Plan Enterprises uses a perlodic Inventory system. Its records showed the following: Inventory, December 31, using FIFO - 44 Units @ $17 = $748 Inventory, December 31, using LIFO – 44 Units @ $13 = $572 Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $41 per unit) Sale, January 27 (at $42 per unit) Units Unit Cost Total Cost $ 1,088 2,014 56 18 106 19 86 62 Required: 1. Compute the number and cost of goods avallable for sale, the cost of ending Inventory, and the cost of goods sold under FIFO and LIFO. 2 Compute the Inventory turnover ratio under the FIFO and LIFO Inventory costing methods. 3. Does the Inventory method used make a significant difference In the Inventory turnover ratlo? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold under FIFO and LIFO. FIFO LIFO…
Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
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